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Aureos acquires 25% stake in Sunshine

Sunshine Holdings PLC a subsidiary of Watawala Plantations issued 3, 333, 333 new ordinary shares to Aureos South Asia Fund LLC by way of a private placement at Rs 153 per share increasing a long term value and creating a win -win situation for the shareholders.


Group Managing Director Sunshine Holdings V. Govindaswamy, Chairman Sunshine Holdings Rienzie T. Wijetilleke and Director CT Capital Channa Amaratunga after the signing of the agreements. - Picture by Sumanachandra Ariyawansa

The funds that have been raised through the issue of new shares totalling Rs. 10mn which is being invested into the company, Group Managing Director Sunshine Holdings Ltd V. Govindasamy said yesterday. He said, that the company is proud to have a strategic partner in Aureos South Asia Fund LLC, by investing in a 25% stake in the company through this private placement.

“By raising equity capital through a private placement, we have achieved a premium to the current market share price,” he said.

Regional Managing Partner, Aureos Capital Limited Nissanka Weerasekara said that they were impressed by Sunshine Holdings long and successful presence in Sri Lanka and its solid financial performance.

He said the company looks forward to working together to help Sunshine expand its operations and firmly establish the company as a regional powerhouse.” The private placement of shares will help with the settlement of a bridging finance loan of Rs 75,000, 000 raised to purchase 10% of the equity share capital of TATA Communications Lanka Limited and the company believes its investment will provide above average returns by way of dividends in the medium term.

It also enables the company to diversify its revenue streams and moderate its overall portfolio risk. Sunshine Holdings PLC is also to purchase a further 5% of the equity share capital of TATA Communications Lanka Limited, which

is estimated at a value of Rs 75, 000, 000. This would increase the company’s investment in TATA Communications Lanka Limited from its current holding of 10% to 15% once negotiations with regards to terms and conditions are completed within the next six to 12 months. New machinery for Sunshine Packaging Limited, a subsidiary of Sunshine Holdings PLC, amounting to Rs 150,000,000 will also be purchased through the funds raised via the issuing of shares.

The purchase of the new machinery will be carried out soon, helping to further improve the company’s product portfolio and quality of products. The company holds 66.44% of the equity share capital of Sunshine Packaging Limited.

This will also help settle short term loans of Rs 200, 000, 000 of both Sunshine Holdings PLC and Swiss Biogenics Limited, a company wholly owned by Sunshine Holdings PLC within the next three months.

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