Sri Lanka's Sunshine Holdings in talks with palm oil firm

Sun, 26 May 2013 01:50:43

29 Nov, 2012 12:16:40

Nov 29, 2012 (LBO) - Sri Lanka's Sunshine Holdings, which has interests in tea and oil palm said it was in talks with Pyramid Wilmar (Pvt) Ltd, a Colombo based unit of two Singaporean firms, to use their expertise and distribution chains.

Sunshine Holdings said in a stock exchange filing that it was exploring the setting up of a joint venture with Pyramid Wilmar and Estate Management replica watches Services (EMS), a 51 percent owned unit, to manage plantations and to promote products made by the group.

EMS is 49 percent owned by India's Tata Global Beverages Ltd. Sunshine Holdings also fully owns Watawala Marketing which sells branded tea under the 'Zesta' name.

Sunshine Holdings said Pyramid Wilmar is owned by Wressless Holdings Limited of Singapore and Wilmar International Limited, which is a Singapore listed company.

"Wilmar is engaged in the business on oil palm cultivation, oil seed crushing, sugar milling and refining and has an extensive distribution network covering over 50 countries such as China, India, Indonesia, Brazil, Russia etc," the firm said.