Dhammika adds LAUGFS to his growing business empire

BUSINESS leader Dhammika Perera is set to add diversified, unlisted LAUGFS Holdings Ltd., to his fast-expanding business empire.

- NISTHAR CASSIM

The acquisition is via Dhammika’s latest investment holding Vallibel 3, which will maximise opportunities for 50:50 partnerships with companies which are professionally managed.

The Daily FT learns that an understanding has been reached between Dhammika and LAUGFS Chairman and Co-Founder W.K.H. Wegapitiya for the 50:50 partnership. Hitherto, Dhammika pursued a strategy of acquiring 51% or more control in entities but is now open to 50% stake partnerships with well-managed and high-potential Groups of Companies.

Whilst 40% stake has been acquired from LAUGFS’ other Co-Founder and Deputy Chairman Thilak De Silva, the balance 10% is pending. Once completed, the two companies are to make a formal disclosure on the price and other details. Wegapitiya described Dhammika’s entry as collaboration and not hostile, as both share common origins and reflect the spirit of Sri Lankan entrepreneurship.