Watawala Tea to buy Daintee for Rs. 1.7 b

Watawala Tea Ceylon Ltd., a fully-owned subsidiary of Estate Management Services Ltd., of Sunshine Holdings Group, has entered into a share sale and purchase agreement with the current shareholders of Daintee Ltd. to purchase a 100% shareholding for Rs. 1.7 billion.

The stake amounts to 10 million shares. Daintee is considered as the market leader in the sweet confectionary space.

The deal, the first mergers and acquisition post-COVID-19, is subject to the terms and conditions of the said share sale and purchase agreement.  NDB Investment Bank acted as the Financial Advisor to divesting shareholders.

Capital Alliance was the buy-side advisor to Sunshine Holdings.