Sunshine Holdings in private placement deal with SBI to cut debt

18 May 2018 10:33 am - 0     - {{hitsCtrl.values.hits}}

A A A

Sunshine Holdings PLC said yesterday its board of directors resolved to raise Rs.775 million through a private placement deal with SBI Ven Holdings (Pte) Limited, which already holds a 10.99 percent stake in Sunshine as the third largest shareholder.


To this end the board has resolved to issue 11.9 million ordinary Sunshine shares to SBI Ven Holdings at a price of Rs.65 per share, subject to shareholder and Colombo Stock Exchange approval for the listing of such shares. Sunshine said the money is raised to reduce bank borrowings and finance costs. As at December 31, 2017, Sunshine had over Rs.1.5 billion loans and borrowings under current liabilities and Rs.2.5 billion under bank overdrafts.  The firm will call an extraordinary general meeting of shareholders to seek approval for the placement.


SBI Ven Holdings acquired 10.99 percent in Sunshine in a Rs.742.5 million deal in April, last year, paying Rs.50 a share.


SBI Ven Holdings Private Limited is an investment holding company of Japan’s SBI Holdings Inc., one of Japan’s biggest PE firms with assets under management in excess of US $ 3billion.  SBI Ven Holdings also have investments in Sri Lanka’s National Development Bank PLC (NDB) and LB Finance PLC.  The shareholder structure of Sunshine underwent significant changes last year with the ownership getting concentrated among a few strategic partners. 

  Comments - 0


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




The 20th Amendment Bill Lest We Forget

Strident calls were repeatedly made from many quarters for the 19th Amendment

Public transport 'side-laned'?

“Miss, mantheeru neethiya nisa api bus passen yanna one. Ithin drop eka par

Land acquisitions in Hanthana and Knuckles Mountain ranges

Sri Lankans will soon lose their opportunity to boast about the rich biodiver

Wanathawilluwa forest clearance: Whodunit?

Days after the Anawilundawa Ramsar Wetland, situated in Puttalam District, ma