Sri Lanka Sunshine Holdings cuts plantations unit stake

June 7, 2013 (LBO) – Sri Lanka’s Sunshine Holdings said it had sold a stake in its plantations unit to Pyramid Wilmar Plantations (Pvt) Ltd, for 910.3 million rupees. The sale cut its stake in Estate Management Services (Pvt) Ltd to 33.15 percent from 51 percent by the sale of 5.59 million shares, the firm said in a stock exchange filing.

Estate Management Services (Pvt) Ltd is a joint venture with Tata Global Beverages Ltd of India.

It owns a 53.75 percent stake in Watawala Plantations Ltd, which produces tea, rubber and oil palm.

Pyramid Wilmar, a unit of the Singapore based firm is in the palm oil business.