Dhammika Perera has expanded his business empire by acquiring a significant stake in LAUGFS Holdings Ltd., the Daily FT reported.
According to the report, Perera purchased a 40 percent stake from LAUGFS co-founder and Deputy Chairman Thilak De Silva, with another 10 percent expected to be finalized soon. The move follows his recent acquisitions of East-West Properties PLC for Rs. 3.2 billion and DHT Cement Ltd. for US$20 million through Vallibel X.
LAUGFS Chairman W.K.H. Wegapitiya said Perera’s entry should be viewed as collaboration and not hostile, as both share common origins and reflect the spirit of Sri Lankan entrepreneurship, the newspaper said.
Founded in 1995, LAUGFS now operates in more than 25 industries, employs around 3,500 people, and generates an annual turnover exceeding Rs. 160 billion with international operations in Bangladesh, the UAE, the United States and the Netherlands, Daily FT reported. (Newswire)