Sri Lanka’s Lamurep seeks control of Sunshine Holdings at Rs47.50 a share

ECONOMYNEXT – Sri Lanka’s Lamurep Investments Ltd. has made a voluntary offer to buy the remaining shares of Sunshine Holdings at Rs47.50 a share after the investment company increased its stake in the diversified group through a share transfer last month.

Lamurep’s stake in Sunshine Holdings increased to 32.12% from 20.27% after G. Sathasivam, a director and big shareholder, transferred an 11.85% stake he held in Sunshine Holdings through Tansinghe (Private) Ltd. to Lamurep in December for Rs760.7 million.

The Rs47.50 a share offer for the remaining 91,287,436 ordinary voting shares ( a 67.55% stake) is the highest price paid for Sunshine shares in the preceding three months, a stock exchange filing said.

T. Senthilverl, a director and single biggest shareholder of Sunshine Holdings with a 22.42% stake, Deepcar Ltd., which owns 18.94%, Ceylon Property Development Ltd. which has a 2.22% stake and Sunshine Group Managing Director V. Govindasamy, brother of G Sathasivam, who has a 0.33% stake, have informed the company they will not accept the offer to buy their shares. 
(COLOMBO, Jan 02, 2016)

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