Sunshine group’s newly formed tea unit gets nod to list shares

The Colombo Stock Exchange (CSE) has approved the listing of shares of Sunshine group’s newly formed tea plantations subsidiary, Hatton Plantations Limited.

The CSE in principle approved the introduction of 236.67 million Hatton Plantations shares, upon receiving the declaration from the company.

Sunshine established Hatton Plantations last year in order to separate its tea business—which has seen mixed results over the past three years due to rising labour costs and crises in key export markets from the profitable domestic- oriented oil palm business, which will remain within Watawala Plantations PLC.

Watawala Plantations had been one of the few plantation companies that has maintained consistent profits during the difficult period, with oil palm doing the heavy lifting. 

The group also discontinued its rubber operations last year,  due to market volatility.