Sunshine to buy Daintee for Rs.1.7bn

Sunshine Holdings PLC yesterday said its sub-subsidiary Watawala Tea Ceylon Limited has entered into a share sale and purchase agreement with the current shareholders of Daintee Limited to purchase 100 percent shareholding of the company for Rs.1.7 billion, subject to terms and conditions of the agreement.

Founded in 1984, Daintee Limited is a leading sugar confectionary maker in the country.  At the inception, Daintee Limited had a technical agreement with Barker & Dobson, a U.K. confectionery company which was well known internationally for quality and high standards. As a result, the company had access to all its recipes, and was able to obtain assistance in production and staff training.

The company had also purchased the internationally known brand names of Milady, Bensons, and Chix, which originally belonged to Barker & Dobson, to be used in Sri Lanka. 
At present, Daintee has three sites in the industrial zone in Ratmalana.

The company’s product portfolio, which has about 75 products, comprises of sweet & toffee products, chocolate products, jelly products, gum products, biscuit products, tea products, snacks & cereal products, dessert products, gift products and virgin coconut oil and noodles.

The products are marketed in Sri Lanka as well as in several other countries under prestigious brand names such as Daintee, Milady, Bensons, Chito, X-tra, Mr Bitz, Longlive and Denmi.
Sunshine Holdings, a diversified conglomerate has interests in healthcare, consumer goods, agriculture, dairy and energy.

NDB Investment Bank (NDBIB) acted as the Financial Advisor to divesting shareholders.