Sunshine Holdings’ healthcare arm woos IFC to take up 14.7% stake for Rs. 3.27 b

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, and IFC Senior Investment Officer Priyanka Cooray 

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

The 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.

Sunshine Holdings PLC Group CEO Shyam Sathasivam said: “We are honoured 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.” 

IFC Regional Vice President for Asia and the Pacific Riccardo Puliti said: “IFC’s investment in Sunshine Healthcare is geared towards localising 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 Head of Strategy Hiran Samarasinghe, Group CFO Aruna Deepthikumara, and Group Legal Consultant Roshani Kobbekaduwa.