Sunshine abandons plans to acquire Hemsons

Sunshine Healthcare Lanka Limited, a subsidiary of Sunshine Holdings PLC, has withdrawn a bid to acquire Hemsons International (Private) Limited.

“The board of Sunshine Holdings PLC wishes to announce that Sunshine Healthcare Lanka Limited, a subsidiary of the company, has decided not to proceed with the acquisition of Hemsons International (Private) Limited. This decision was reached with the mutual agreement of both Sunshine Healthcare Lanka Limited and Hemsons International (Private) Limited,” Sunshine Holdings announced in a stock filing with the Colombo Stock Exchange (CSE), yesterday.

On March 23, Sunshine Healthcare entered into a share sale and purchase agreement (SSPA) to acquire a 60 percent ownership stake in Hemsons International (Private) Limited for a consideration of Rs.228 million and was planning to acquire the balance 40 percent of the issued shares, after March 31, 2024.

Sunshine Holdings didn’t specify the reasons for the termination of the SSPA.

Founded in 1948, Hemsons introduced the British Drug House (BDH) chemicals to Sri Lanka and commenced trading in high-quality laboratory chemicals and equipment. Later, it moved to concentrate on and specialise in the laboratory and communication sectors. It currently holds the market leadership in the laboratory equipment sector. The share price of Sunshine Holdings was up by Rs.2.80 or 8.75 percent to Rs.rs.34.30 at yesterday’s market closure.