Economy & Market Companies

Sunshine completes acquisition of 75% stake in export agri venture for Rs. 2.7 b

Sunshine Holdings PLC yesterday said that it has completed the acquisition of a majority stake in Joint Agri Products Ceylon Ltd., (JAPC), increasing its effective holding to 75%.

The transaction, finalised yesterday, involved the purchase of 577,320 shares in JAPC for a total consideration of Rs. 2.7 billion (Rs. 2,698,875,228.40), in line with the terms of a Share Sale and Purchase Agreement.

JAPC operates in the processing and export of spices, coconut products, and tea, with key markets in the EU and the US. The company also has a wholly owned subsidiary, Sancan Exports Lanka Ltd.

Sunshine said the acquisition will strengthen its consumer sector portfolio and support expansion into export-oriented markets beyond Sri Lanka.

The share price of the company ended down Rs. 1 yesterday at Rs. 29.

source: FT