Sunshine Holdings to continue “phenomenal” success

Sunshine Holdings Group Managing Director Vish Govindasamy rings the bell to begin trading at the Colombo Stock Exchange 

yesterday. Colombo Stock Exchange Chief Executive Officer Rajeeva Bandaranaike, Sunshine Holdings Board Director Bhandula Hulllangamuwa, Sunshine Holdings Founder and Board Director Govindasamy Sathasivam, Colombo Stock Exchange Chairman Ray Abeywardena and Sunshine Holdings Executive Director Shyam Sathasivam look on – By Lasantha Kumara 

By Charumini de Silva 

Marking 50 successful years of responsible entrepreneurship, diversified conglomerate Sunshine Holdings PLC pledged to continue to look at opportunities to further diversify, while elevating its stature in current core businesses.

“We will continue to look at opportunities to further diversify and strengthen our current core business interest, especially in healthcare, FMCG, consumer and energy products. We are in for the long term with a clear vision and to move ahead by becoming leaders and experts in what we do best,” Sunshine Holdings PLC Managing Director Vish Govindasamy told Daily FT on the sidelines of a bell ringing ceremony organised by the Colombo Stock Exchange (CSE) to celebrate the company’s 50th anniversary.

“Over the past five decades, Sunshine Group has expanded from being a modest pharmacy in Gampola town in 1967 to the well respected diversified conglomerate that it is today,” Govindasamy said outlining the humble beginnings of the company. 

Pointing out that Sunshine Holding PLC has enjoyed a close relationship with the CSE over the past 15 years, he asserted that its involvement with the CSE has greatly supported the group in elevating its stature to attract substantial local and foreign investments, which in turn supported greater liquidity and enhanced brand value.

“Over the recent years, we were able to participate in the international road shows organised by the CSE in London, New York and Singapore. Particularly, at the last CSE roadshow in Singapore we were very fortunate to connect with a company called Duxton Asset management with whom we were able to enter into a groundbreaking partnership which created Sunshine’s first commercial dairy operations with an investment of over $12 million,” he added. 

Govindasamy stressed that it was through this kind of engagement Sri Lankan listed companies tend to unleash and make a new wave of growth in the domestic economy, while serving as a vital platform into international exposure and investment and growth. 

“We have increased interest in foreign holdings of our company and today 31% of the group is held by international institutions,” he said.

He also said the listing of Sunshine Holdings was instrumental in driving concerted refinements to the company’s governance structures, reporting and disclosure procedures. “We worked hard in maintaining Sunshine’s shares attractive to its shareholders both by way of sincere focus on transparency to investor relations and also by increasing shareholder value.”

While acknowledging that every business has challenges, Govindasamy said weather patterns, currency devaluation and policy inconsistency were always big challenges they had to face in terms of their business model.

CSE Chairman Ray Abeywardena commended the successful journey of Sunshine Holdings from a modest entrepreneur in 1967 to what it has transformed into over the past 50 years, terming it “phenomenal.” 

He said the company has created a value addition in the CSE with stature, credibility and corporate governance.

Noting that Sunshine Holdings has a number of companies that are in diversified sectors, Abeywardena said he look forward for few more listings in the CSE.

“From CSE’s perspective we would like to see couple of more listings in the future,” he added.