Sunshine, Akbar complete collaboration to boost pharma biz

Wednesday, 27 January 2021 00:01 - - {{hitsCtrl.values.hits}}

Sunshine Holdings PLC and Akbar Brothers have completed the formation of new partnership to boost their pharmaceutical business.

Sunshine Healthcare Lanka Ltd. (SHL) has completed the acquisition of 2.99 million shares of Akbar Pharmaceutical Ltd. (ABPL) for Rs. 2.3 billion and the consideration for such acquisition was settled by the issuance of 2.75 million shares or 25% stake in SHL to Akbar Brothers Ltd. (ABL).

Furthermore, the company transferred 330,981 ordinary voting shares (3%) held by the company in SHL to ABL at a cash consideration of Rs. 278.5 million.

Pursuant to the completion of the transactions, the shareholding of SHL held by the company would be 72% of the ordinary voting shares.

The deal was completed on Monday whilst the original move was announced in December last year.

ABPL is currently involved in the business of importation and distribution of medicinal drugs, medical devices, nutritional products and healthcare products.

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