Sunshine-CIC abandon plan to merge healthcare biz

Sunshine Holdings PLC and CIC Holdings PLC this week said they called off plans to combine their healthcare sector operations as announced in March this year.

The two companies in separate market filings said they decided not to proceed with the merger of their healthcare businesses.

In March, the two companies in principle agreement combined their healthcare businesses with Sunshine Holdings owning 60 percent of the shareholding of the combined business and the effective management control while CIC Holdings owning the remaining 40 percent shareholding.

The terms of the merger were under negotiations and subject to due diligence findings, the firms said at the time.

Both CIC Holdings and Sunshine Holdings are major importers of pharmaceutical products and medical equipment, and the latter owns the Healthguard pharmacy chain.