Sri Lanka, Oct. 14 -- Laugfs Gas PLC announced on Monday its decision to temporarily suspend all commercial operations of its Dubai-based subsidiary, SLOGAL Energy DMCC, following its designation on a sanctions list by the US Treasury.
Despite the gravity of the international sanctions, Laugfs assured the public that its domestic liquefied petroleum gas (LPG) supply would not be affected and its stock price paradoxically climbed at the Colombo Stock Exchange (CSE).
In a corporate disclosure filed with the CSE, Laugfs Gas addressed the October 9 announcement by the US Department of the Treasury's Office of Foreign Assets Control, which placed SLOGAL Energy DMCC on its Specially Designated Nationals (SDN) list. The company's stock price ...