The delay of over two years in listing two subsidiaries engaged in leisure and renewable energy by LAUGFS Gas PLC (LGL) has irked at least one of its minority shareholders.
Imtiaz Buhardeen, who says he is the third largest shareholder of LGL, in a tweet yesterday expressed displeasure and frustration over the delay of listing and lack of disclosure. He said that his tweets reflect the concerns of other shareholders too.
He said when inquired from the CSE, the response was it was awaiting further information from LGL on its applications.
“This has been the story going on for the last year, I think some senior officer has to take responsibility and address this problem and sort out matters without further delays,” Buhardeen added.
He also referred to Money, Capital Markets and Public Enterprise Reforms State Minister Nivard Cabraal, who recently expressed the desire to have 300 more companies listed on the CSE and the shareholder quipped “if to list two companies is dragging on this much, I can’t see this happening.”
In July, LGL disclosed that the initial listing applications for the two subsidiaries LAUGFS Eco Ltd., and LAUGFS Leisure, were submitted in September 2018 and December 2019 respectively. It said the Company is in the process of providing clarifications to the CSE, in response to CSE observations letters in May and June 2020, on both LAUGFS Eco Ltd., and LAUGFS Leisure. The Company is also finalising its audited financial statements for FY2020 for both subsidiaries, which are to be submitted and was aiming to submit the same to CSE by 31 August, which was two months ago.
Buhardeen’s holding in LGL is via Almas Organisation Ltd., and Carlines Holdings Ltd., which as at 30 June was 4.2 million voting shares or 1.12% stake. LAUGFS Holdings holds 74% stake in LGL and EPF owns 17.3%. Public holding of LGL is 25%. Buhardeen also holds 4.3 million of non-voting shares of LGL.
(FT)