Monday Oct 19, 2026
Monday Oct 19, 2026
Monday, 19 October 2026 05:14 - - {{hitsCtrl.values.hits}}
Dialog Axiata PLC has given up control of Digital Health Ltd., operator of the Doc990 digital health platform. It sold a 20% stake to Sunshine Holdings PLC’s healthcare arm and Nawaloka Hospitals PLC for Rs. 374.9 million, partially monetising its investment, the companies said on Friday.
Dialog’s wholly-owned subsidiary Digital Holdings Lanka sold 16.65% of Digital Health to Sunshine Healthcare Lanka Ltd., for Rs. 312.2 million. It sold a further 3.35% to Nawaloka Hospitals for Rs. 62.7 million after Nawaloka exercised its right of first refusal under the existing Shareholders’ Agreement, which entitles existing shareholders to buy shares before they are sold to an outsider.
Sunshine Healthcare also acquired the entire 5.26% stake of Ceylon Hospitals PLC (Durdans Hospital) for Rs. 98.7 million.
Durdans exercised its tag-along rights under the Shareholders’ Agreement dated 28 January 2021, which allow a minority shareholder to sell on the same terms when a stake changes hands.
The three sales were priced at Rs. 83.31 a share, valuing Digital Health at Rs. 1.87 billion.
The deals take Sunshine Healthcare’s total outlay to Rs. 410.8 million for a 21.92% holding. That makes it Digital Health’s second-largest shareholder after Digital Holdings, whose stake falls to 27.57% from 47.57%.
Including the 17.09% held by Dialog Axiata Digital Innovation Fund Ltd., the Dialog Group’s total holding falls to 44.66% from 64.66%. Digital Health will cease to be a subsidiary of the Group. Its retained interest will be accounted for as an associate in the Group’s consolidated financial statements, Dialog said.
Nawaloka Hospitals’ stake rises to 12.12% from 8.77%. Asiri Hospital Holdings PLC (13.33%) and Aartiz Technologies Ltd., (7.98%) retain their holdings.
Dialog said the transaction introduces Sunshine Healthcare as a strategic healthcare partner. It is expected to support Doc990’s growth by combining the platform’s digital healthcare capabilities with Sunshine Healthcare’s presence across pharmaceuticals, healthcare distribution, manufacturing, and retail.
Sunshine Holdings said the acquisition would expand its healthcare portfolio and strengthen the Group’s presence across the pharmaceutical, healthcare distribution, manufacturing, retail, and digital health sectors.
