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.


Latest Business News

There are 31882 listings and 982 categories in our website