LAUGFS co-founder Thilak De Silva bows out after stake sale to Vallibel Three

Thilak De Silva

Dhammika Perera

W.K.H. Wegapitiya

Long-standing co-founder and Deputy Chairman U.K. Thilak De Silva has stepped down from the boards of LAUGFS Gas PLC and LAUGFS Power PLC, following the sale of his 39.58 percent stake in parent company LAUGFS Holdings Ltd.
The disclosures filed with the Colombo Stock Exchange show De Silva transferred 1.7 million shares in LAUGFS Holdings to Vallibel Three (Pvt.) Ltd, on September 4. 
His resignation from the boards of the listed subsidiaries takes effect today (September 9).
As reported by our sister paper the Daily FT, the stake was acquired by business magnate Dhammika Perera, who is moving to establish a 50:50 partnership with LAUGFS Chairman and co-founder W.K.H. Wegapitiya. 
Discussions are underway for Vallibel Three to secure an additional 10 percent stake in the group. The deal follows Perera’s recent acquisitions of East-West Properties PLC for Rs.3.2 billion and DHT Cement Ltd for US $ 20 million, further expanding his diversified business empire. 
LAUGFS recently celebrated its 30th anniversary and has built a presence across more than 25 industries, including energy, retail, logistics and manufacturing, with operations extending to Bangladesh, the UAE, United States and Netherlands.