Sri Lanka’s Sunshine Healthcare attracts $ 10 million FDI from IFC
The Morning: Sunshine Healthcare Lanka Limited (SHL), the healthcare arm of diversified conglomerate Sunshine Holdings PLC, announced the successful conclusion of the approximately Rs. 3,270 million equity investment from the International Finance Corporation (IFC), a member of the World Bank Group.
This investment strengthens SHL’s vision to expand healthcare accessibility and bolster innovation across Sri Lanka.
This investment marks a significant milestone in Sri Lanka’s growth narrative as one of the notable foreign direct equity investments since the economic crisis, signaling the country’s renewed stability and resilience.
Following the successful completion of this transaction, IFC now holds a 14.73% equity stake in SHL. This strategic partnership will enable SHL to accelerate the execution of key capital projects that aim to reshape healthcare delivery in the country, including significant expansions in manufacturing, and medical devices.
SHL is set to significantly expand its pharmaceutical manufacturing capability by doubling its capacity in respiratory products.
In parallel, SHL will enhance diagnostic capabilities by investing in state-of-the-art medical devices, providing better access to cutting-edge healthcare technology with enhanced efficiency and productivity.
Sunshine Holdings PLC Group Chief Executive Officer Shyam Sathasivam said: “We are proud to conclude this investment with IFC, underscoring our commitment to nation-building through local and responsible entrepreneurship. This partnership strengthens Sunshine’s role in enhancing healthcare accessibility and contributes to the country’s economic resilience at a critical time.”
“With the IFC’s support, we are ramping up local pharmaceutical manufacturing and bolstering our healthcare infrastructure, ensuring all Sri Lankans have access to high-quality, locally produced pharmaceuticals and innovative healthcare solutions. This marks an important step in driving sustainable development and self-reliance in the nation’s healthcare sector,” Sathasivam added.
OSL take:
The overall growth witnessed by Sri Lanka has resulted in the expansion of many economic sectors in the country, especially in the healthcare industry. Sri Lanka’s healthcare industry is in need of expanding in-line with the evolving global healthcare industry given that the country is looking at becoming a hub in the South Asian region while also promoting tourism concepts like healthcare and wellness as part of the country’s tourism promotion strategy. It is therefore essential for Sri Lanka to be on par with the evolving healthcare and wellness requirements of tourists as well as other foreign travelers. Sri Lanka’s healthcare industry therefore presents many business/investment opportunities for foreign businesses/investors looking for opportunities in Sri Lanka, with a guarantee that the opportunities would be on a constant growth path ensuring continued business opportunities. Foreign businesses could also look at forming joint ventures or partnerships with local businesses in the healthcare industry with the aim of further expansion of operations.
Article Code : | VBS/AT/20241010/Z_2 |