14 potential investors show interest in LGL and LGT divestiture

Fourteen potential investors have shown interest in the strategic divestiture of Litro Gas Lanka Ltd (LGL) and Litro Gas Terminals (Pvt.) Ltd (LGT), the State-Owned Enterprises Restructuring Unit said.

The Requests for Expression of Interest (REOIs) were considered by the Opening Committee appointed by the Special Cabinet-Appointed Negotiating Committee. 

The 14 REOIs were received from Epdesa Pte Ltd – Singapore, Bharat Petroleum Cop. Ltd – India, Ayaz Anonim Sirketi – Republic of Turkey, Siam Gas and Petrochemicals Public Company Limited – Thailand, BGN Int DMCC – UAE, Confidence Petroleum India Limited – India, OQ Trading Limited – UAE, Tristar Group – UAE, Laugfs Gas PLC – Sri Lanka, United Petroleum Holdings – Malaysia, Vitol Asia Pte Ltd – Singapore, Infinity NGC – Sri Lanka, China National Aero Techno – Sri Lanka and Consulting Engineers & Contractors – Sri Lanka.

The REOIs will be evaluated by the Special Project Committee, as per the Special Guidelines on Divestiture of State-Owned Enterprises, approved by the Cabinet of Ministers in July 2023. 

Deloitte India acts as the transaction advisor for the strategic divestiture of LGL and LGT.

Called on the international and local media on January 16, the deadline for submission of proposals ended at 2:00 p.m. yesterday (15).