Sunshine makes milestone deal to consolidate stake in its branded tea and plantations businesses

Friday, 29 December 2017 16:21

Home-grown diversified conglomerate, Sunshine Holdings PLC announced that it would be further consolidating its stake in Estate Management Services Limited (EMS), the holding company for Watawala Plantations PLC, Hatton Plantations PLC and Watawala Tea Ceylon Limited (WTCL) – two of Sri Lanka’s most profitable plantations and leading tea brands.

Previously managed under tripartite ownership between Sunshine Holdings PLC, Pyramid Wilmar, and Tata Global Beverages, with each party holding an equal share in EMS, Sunshine’s stake in EMS will increase up to 60% of its issued share capital, while Pyramid Wilmar will hold the remaining 40%.

Meanwhile, Tata Global Beverages will continue its collaborative partnership with Sunshine Holdings, but with a revised strategy that places greater emphasis on international branding and marketing of TATA Tea which will continue to be sourced from Watawala Plantations.

“Our close partnership with Tata Global Beverages has resulted in numerous achievements, milestones and accolades for Watawala Plantations and WTCL over the past two decades.

This long and fruitful relationship with Tata Global Beverages is underpinned by an unblemished legacy of trust, excellence, and innovation and moving forward, we will continue to draw on these strengths as we continue to adapt and grow”, Sunshine Holdings Group Managing Director, Vish Govindasamy said.

“We also see this moment as an opportunity to take more direct action aimed at reforming and rejuvenating less profitable sectors of our tea business while emulating and enhancing the examples, practices and techniques utilized in our best performing tea estates. In this regard, we look forward to exploring new opportunities for partnerships and synergies between Sunshine and Tata Global Beverages”, added Govindasamy.

Notably, Sunshine Holdings has an investment in Tata Communications Lanka Ltd, of which Govindasamy is the Chairman, who expressed that Sunshine would continue to seek out synergistic branding and marketing opportunities, particularly with regard to international markets, leveraging on the immense resources and global reach of Tata Global Beverages.

About Sunshine Holdings PLC

Sunshine Holdings PLC is a diversified conglomerate with interests in Healthcare, Plantations, FMCG, Packaging and Renewable Energy.

The Group with revenue exceeding US $120 million is listed on the Colombo Stock Exchange.

Beginning with the healthcare business in 1967, the group has built strong businesses over the last five decades, including partnering with the Tata Group in 1992 to form a joint venture in Plantations.

Group companies include Sunshine Healthcare Lanka, Watawala Plantations PLC, Hatton Plantations PLC, Watawala Tea Ceylon Ltd (WTCL) and Sunshine Energy. 

Last modified on Friday, 29 December 2017 16:28