Sunshine Healthcare Lanka Attracts USD 10 million FDI from IFC

Colombo, 04th Oct, 2024 – Sunshine Healthcare Lanka Limited (SHL), the healthcare arm of diversified conglomerate Sunshine Holdings PLC (CSE: SUN), announced the successful conclusion of the approximately LKR 3,270 million equity investment from the International Finance Corporation (IFC), a member of the World Bank Group. This landmark investment strengthens SHL’s vision to expand healthcare accessibility and bolster innovation across Sri Lanka.

This investment marks a significant milestone in Sri Lanka's growth narrative as one of the notable foreign direct equity investments since the economic crisis, signaling the country's renewed stability and resilience. Private investments like this will be instrumental in driving Sri Lanka’s economic transformation, demonstrating its readiness as a nation for a broader economic recovery.

Following the successful completion of this transaction, IFC now holds a 14.73% equity stake in SHL. This strategic partnership will enable SHL to accelerate the execution of key capital projects that aim to reshape healthcare delivery in the country, including significant expansions in manufacturing, and medical devices.

SHL is set to significantly expand its pharmaceutical manufacturing capability by doubling its capacity in respiratory products. In parallel, SHL will enhance diagnostic capabilities by investing in state-of-the-art medical devices, providing better access to cutting-edge healthcare technology with enhanced efficiency and productivity.

“We are proud to conclude this investment with IFC, underscoring our commitment to nation-building through local and responsible entrepreneurship. This partnership strengthens Sunshine’s role in enhancing healthcare accessibility and contributes to the country’s economic resilience at a critical time. With IFC’s support, we are significantly ramping up local pharmaceutical manufacturing and bolstering our healthcare infrastructure, ensuring all Sri Lankans have access to high-quality, locally produced pharmaceuticals and innovative healthcare solutions. This marks an important step in driving sustainable development and self-reliance in the nation’s healthcare sector,” said Group Chief Executive Officer Shyam Sathasivam.

IFC Senior Country Officer Victor Antonypillai, IFC Regional Director for South Asia Imad Fakhoury, Sunshine Holdings Group CEO Shyam Sathasivam, IFC Vice President for Asia Pacific Riccardo Puliti, Sunshine Holdings Deputy Vice Chairman Vish Govindasamy, IFC Sri Lanka and Maldives Country Manager Alejandro Alvarez de la Campa, IFC Senior Investment Officer Priyanka Cooray

About Sunshine Healthcare

Sunshine Healthcare is Sri Lanka’s first fully integrated healthcare company, from R&D and pharmaceutical manufacturing to retailing healthcare products, including last-mile distribution across the country for all healthcare products. The company’s segments are Sunshine Pharmaceuticals, Sunshine Medical Devices, Healthguard Pharmacy, Lina Manufacturing and Healthguard Distribution. Established in 1967, the company partners with international healthcare manufacturers to make their medicines available to all patients in Sri Lanka. The company’s pharma manufacturing focus is on the respiratory segment, and it is currently the primary supplier to the government of Sri Lanka for both MDIs and DPIs.