Sunshine Holdings to form JV with Pyramid Wilmar

H.D.H Senewiratne

Sunshine Holdings Limited is looking to establish a joint venture with Pyramid Wilmar Private Limited, in a bid to obtain its expertise in management and operation of plantations to help Sunshines Plantation arms, company sources said.

According to Sunshine that if the joint venture with Pyramid Wilmar goes through, they will use its distribution network to market and promote the products of Watawala Plantations PLC and Watawala Marketing Limited. Both the WPL and WML come under Estate Management Services Private Limited, which is jointly owned by Sunshine Holdings and Tata Global Beverages Limited.

Sunshine Holdings owns 51% of the EMSL while Tata Global Beverages owns 49 % stake of the company. Pyramid, a firm incorporated in Sri Lanka is a joint venture company owned by Wressless Holdings Limited of Singapore and Wilmar International Limited of Singapore.

Wilmar a firm listed in the Singapore Stock Exchange is engaged in the business of palm cultivation, oil seed crushing, sugar milling and refining and has an extensive distribution network covering over 50 countries. The consolidated - Non-Audited financial statement for the first two cumulated quarters of 2012, total net operating revenues increased by 7.83 %, from Rs 5.02 billion to Rs 5,4 billion.