Sunshine, CIC mull combining healthcare business

Sunshine Holdings PLC and CIC Holdings PLC yesterday said they have agreed in principle to combine their healthcare businesses. Sunshine Holdings will have 60 percent of the shareholding of the combined business and the effective management control while CIC Holdings will have the remaining 40 percent shareholding.
“The terms of this transaction are under negotiations and are subject to due diligence findings,” Sunshine Holdings Group Managing Director Vish Govindasamy said.

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