clock December 24,2023
IFC Set to Invest Up to LKR 3,270 million in Sunshine Healthcare Lanka Limited

IFC Set to Invest Up to LKR 3,270 million in Sunshine Healthcare Lanka Limited

Sunshine Healthcare Lanka (SHL), the healthcare arm of the diversified conglomerate Sunshine Holdings PLC (CSE: SUN), has entered into an agreement for a proposed equity investment of up to LKR 3,270 million by the International Finance Corporation (IFC). Subject to satisfaction of conditions, IFC will own approximately 14.7% stake in SHL.

IFC investment fortifies Sunshine’s commitment to meet the growing healthcare needs of Sri Lanka and will bolster SHL’s implementation of significant capital projects to expand and enhance healthcare delivery nationwide. As part of this, SHL will invest significantly to increase the annual production of Lina Manufacturing, the pharmaceutical manufacturing segment, from 750,000 Metered-Dose Inhalers (MDIs) to 3 million units and to expand DPI capsule manufacturing.

Additionally, investments will be made in the Medical Devices sector to boost diagnostic capabilities significantly, Pharmaceuticals Distribution for central logistics infrastructure development, and in Healthguard Pharmacy chain to expand its retail and online presence. These investments are further aimed at fulfilling the Group’s nation-building efforts and ensuring the resilience of Sri Lanka’s national healthcare systems.

“We are honored to partner with the International Finance Corporation. This investment underscores the confidence in Sunshine Holdings’ potential and strengthens our determination to enhance healthcare accessibility and innovation across Sri Lanka. With IFC’s support, we are poised to scale up SHL’s operations significantly, from expanding our manufacturing with Lina to enhancing our diagnostic capabilities, distribution network, and retail presence. Furthermore, this collaboration aligns with our vision of bringing good things to the lives of Sri Lankans,” commented Shyam Sathasivam, Group Chief Executive Officer of Sunshine Holdings PLC.

IFC Regional Vice President for Asia and the Pacific, Riccardo Puliti, said, “IFC’s investment in Sunshine Healthcare is geared towards localizing and creating sustainable supply chains across Sri Lanka. By investing in healthcare infrastructure and enhancing access to quality, innovative solutions, we can create a foundation for inclusive development.”

Sunshine Holdings PLC was advised by Asia Securities as financial advisor and DLF De Saram as legal advisor. The internal team was led by Hiran Samarasinghe, Head of Strategy, Aruna Deepthikumara, Group CFO and Roshani Kobbekaduwa, Group Legal consultant.

From left: Sunshine Medical Devices and Lina Chief Executive Officer Dr. T. Sayandhan, Sunshine Holdings Deputy Vice Chairman Vish Govindasamy, IFC Vice President for Asia Pacific Riccardo Puliti, Sunshine Holdings Group CEO Shyam Sathasivam and Sunshine Pharmaceuticals and Healthguard Distribution Chief Executive Officer Shantha Bandara at the agreement signing ceremony.

From left: IFC Senior Country Officer Victor Antonypillai, IFC Regional Director for South Asia Imad Fakhoury, Sunshine Holdings Group CEO Shyam Sathasivam, IFC Vice President for Asia Pacific Riccardo Puliti, Sunshine Holdings Deputy Vice Chairman Vish Govindasamy, IFC Sri Lanka and Maldives Country Manager Alejandro Alvarez de la Campa, IFC Senior Investment Officer Priyanka Cooray

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