Sunshine pulls out of deal to acquire drugs firm owned by Hemas Group

Business

Diversified conglomerate, Sunshine Holdings PLC on Monday pulled out of a deal to acquire Hemsons International (Pvt) Ltd, .

In a statement to the Colombo Stock Exchange, the Board of Sunshine Holdings PLC said Sunshine Healthcare Lanka Ltd has decided not to proceed with the acquisition of Hemsons International (Pvt) Ltd. This decision was reached with the mutual agreement of both Sunshine Healthcare Lanka Ltd and Hemsons International (Pvt) Ltd, it said.

No reason was given for the change of decision but industry officials said it may be connected to the troubled business environment in the country which is not condusive for investments.

Earlier on March 23, 2020 Sunshine Healthcare Lanka Ltd announced that it had entered into a share sale and purchase agreement with Hemsons International (Pvt) Ltd to acquire 60 per cent of the total issued shares of Hemsons immediately “at the consideration of Rs. 228 million with the balance 40 per cent to be acquired after 31st March 2024”.

Hemsons is involved in the laboratories and pharmaceuticals industry.

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