The International Finance Corporation (IFC) has entered into an agreement with Sunshine Healthcare Lanka (SHL), the healthcare arm of Sunshine Holdings PLC, for a proposed equity investment of up to Rs. 3.27 billion.
Subject to satisfaction of conditions, IFC will own approximately 14.7 percent stake in SHL.
IFC investment will assist with SHL’s implementation of significant capital projects to expand and enhance healthcare delivery nationwide.
As part of this, SHL will invest significantly to increase the annual production of Lina Manufacturing, the pharmaceutical manufacturing segment, from 750,000 metered-dose Inhalers (MDIs) to 3 million units and to expand DPI capsule manufacturing, Sunshine Holdings said in a statement.
Additionally, investments will be made in the Medical Devices sector to boost diagnostic capabilities significantly, pharmaceuticals distribution for central logistics infrastructure development, and in Healthguard Pharmacy chain to expand its retail and online presence.
This investment underscores the confidence in Sunshine Holdings’ potential and strengthens our determination to enhance healthcare accessibility and innovation across Sri Lanka. With IFC’s support, we are poised to scale up SHL’s operations significantly, from expanding our manufacturing with Lina to enhancing our diagnostic capabilities, distribution network, and retail presence, said Shyam Sathasivam, Group Chief Executive Officer of Sunshine Holdings PLC.
IFC Regional Vice President for Asia and the Pacific, Riccardo Puliti noted that IFC’s investment in Sunshine Healthcare is geared towards localising and creating sustainable supply chains across Sri Lanka.
By investing in healthcare infrastructure and enhancing access to quality, innovative solutions, we can create a foundation for inclusive development, he said.
Sunshine Holdings PLC was advised by Asia Securities as financial advisor and DLF De Saram as legal advisor. The internal team was led by Hiran Samarasinghe, Head of Strategy, Aruna Deepthikumara, Group CFO and Roshani Kobbekaduwa, Group Legal Consultant.
