Sri Lanka Sunshine Holdings cuts plantations unit stake

ComBank MD S. Renganathan (Centre) introducing the app to CB Governor Indrajit Coomaraswamy in the presence of (from L) ComBank Manager - Card Centre Seevali Wickramasinghe, Head of Card Centre Thusitha Suraweera, Deputy GM – Marketing Hasrath Munasinghe, CB Assistant Governor Ananda Jayalath and CB Director - Payments & Settlements Dharmasri Kumaratunge

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.