Sri Lanka’s Sunshine Holdings buys Akbar pharma unit in stock deal

The strategic merger will create Sri Lanka’s first fully integrated healthcare company starting from manufacturing up to retailing of healthcare products, including last-mile distribution across the country for all healthcare products.

The company will be operating in all five segments of the healthcare supply chain, namely R&D, manufacturing, importation, distribution and retail.

Sri Lanka’s Sunshine Holdings Plc said it was acquiring Akbar Pharmaceuticals (Pvt) Ltd for a 25 percent stake in its own pharma unit, Sunshine Healthcare (Pvt) Ltd.

Akbar Brothers would also buy an additional 3 percent stake in Sunshine Healthcare for 278.4 million taking their stake to 28 percent, SHL said in a stock exchange filing.

Sunshine Holdings, which had a 100 percent stake in the unit, which is a private company, will see its share going down to 72 percent.

Akbar Pharmaceutical Pvt Ltd in an importer and distributor of pharmaceutical products, medical devices and nutritional products. (Colombo/Dec17/2020)

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