Lamurep Investments Ltd, an investment vehicle which now holds 43.4 million shares or 32.12 percent of Sunshine Holdings PLC, yesterday announced a voluntary offer to buy the remaining shares of the company at Rs.47.50 per share.
Lamurep last week acquired 16 million shares or a 11.85 percent stake in Sunshine from Tansinghe Private Limited, a party acting in concert with Lamurep, paying Rs.47.50 a share. Since the selling party was related to the buyer, the requirement of a mandatory offer did not arise.
“I wouldn’t call it a related party transaction. This was one shareholder who held shares through two companies bringing it under one company. They are owned by G. Sathasivam,” Sunshine Holdings Group Managing Director Vish Govindasamy told Mirror Business following the share transaction last week. A market disclosure by Lamurep yesterday said Sunshine Directors G. Sathasivam and S.G. Sathasivam holding 1,000 Sunshine shares each and Vish Govindasamy holding 443,330 Sunshine shares are acting in concert with Lamurep in the voluntary offer. The parties collectively own 32.45 percent of Sunshine.
However, the Lamurep disclosure said Sunshine shareholders Dr. T. Senthilverl holding 22.42 percent, Deepcar Limited holding 18.94 percent, Ceylon Property Development Limited holding 2.22 percent and Vish Govindasamy holding 0.33 percent have already informed Lamurep that they would not accept the offer.
But no mention was made in the disclosure about the other Sunshine shareholder of significant size, Moneymore Securities Limited, which owns 16.88 percent of Sunshine.