Saturday, 08 August 2020 14:20

Sunshine acquires Daintee diversifying business beyond Watawala tea

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.

The company has purchased a 100% shareholding amounting to 10 million ordinary shares at a total consideration of Rs.1.7 billion.

The deal is subject to the terms and conditions of the said share sale and purchase agreement, the company stated in a stock exchange filing.

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.

Daintee joins Sunshine Consumer’s growing portfolio of businesses that markets and distributes some of the country’s most-loved tea brands—Watawala, Zesta and Ran Kahata. The acquisition is in line with the Group’s strategy to nurture and build local brands.

(LIN)

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