Sri Lanka Sunshine Holdings eyes energy projects

Nov 12, 2009 (LBO) – Sri Lanka’s Sunshine Holdings said it is considering diversifying into the energy sector as part of the holding company’s strategy of expanding its portfolio of investments. Chairman Rienzie Wijetilleke said in a statement the group has a new subsidiary called Sunshine Power.

“In accordance with long term diversification strategies to add value to shareholders, your company is exploring opportunities in the energy sector, with several projects being currently evaluated,” he said.

Sunshine Power is considering investments in renewable energy, with hydro power potential of about six megawatts being “aggressively explored for development,” he said.

With the end of the 30-year ethnic war and the opening up of the northern and eastern consumer markets, the company seeks new opportunities to enhance sales of branded products, while also exploring expansion options in healthcare, he said.

The defeat by government forces of Tamil Tiger separatists in May is expected to result in an economic revival in the island.

Sunshine Holdings said in a stock exchange filing that group net profit for the September quarter rose 27 percent to 64 million rupees from a year