Sri Lanka’s Sunshine Holdings sees major shareholder investing Rs. 1 billion more to increase stake
Sri Lanka’s Sunshine Holdings PLC has witnessed its major shareholder Lamurep Investments Ltd. investing nearly Rs. 1 billion to add a further stake of the Company.
Lamurep had previously held a 51.09% stake in Sunshine and has now further increased its stake by another 8.38% last week. Lamurep’s stake in Sunshine Holdings now stands at 59.47%.
According to local media reports, Lamurep had bought 30.13 million shares at Rs. 26.60 each and a further quantity of 7.5 million shares at Rs. 25.50 apiece in a total deal worth Rs. 991 million.
The Daily FT has reported that among sellers were several foreign funds, whilst SBI Ven Holdings Ltd., which had held a 9.5% stake as of end June 2021, had sold part of their stake too.
The highest price of Sunshine Holdings in the quarter ended 30 June was Rs. 28 and the lowest was Rs. 22.50, eventually closing at Rs. 25.10.
OSL take:
The increasing of the stake of Sunshine Holdings by the major shareholder is indicative of the business/investment potential in Sri Lanka’s private sector. Sri Lanka is emerging as a business/investment destination in the South Asian region. The country’s geographical positioning in the Indian Ocean, the many trade agreements and trade concessions enjoyed by the country as well as the continuously improving ease of doing business environment have made Sri Lanka an attractive business/investment destination. The country’s banking sector as well as many economic sectors have shown a growth even amidst the pandemic. Foreign businesses/investors could therefore explore the growing business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/19082021/Z_2 |