Sunshine Holdings picks up ten per cent stake in VSNL Lanka

Mumbai, Dec 27 (UNI) Sri Lanka-based Sunshine Holdings PLC has picked up ten percent stake in leading communication provider wholly owned subisidary VSNL Lanka Limited at Rs 75 million.

The company has picked up 1,517,936 shares, representing 10 per cent of the paid up capital.

Sunshine Holdings PLC has interests in pharmaceuticals, travel&tourism, tea &rubber cultivation and managing portfolio investments.

Sunshine Holdings PLC has actively supported VSNL Lanka in its growth plans over the last few years. Vish Govindasamy MD of the Sunshine Group has been a director on the board of VSNL Lanka since its inception.

Sunshine Holdings PLC has the option to acquire an additional 5 per cent of VSNL Lanka's share capital in the next 12 months at fair market value.

Mr. Rajiv Dhar, CFO of VSNL said,''This partnership with Sunshine Holdings PLC will enable VSNL Lanka to capitalize on our partner's intimate knowledge of and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner'' VSNL Lanka has been offering international voice and data services in Sri Lanka through an External Gateway Operator's licence since February 2004.

UNI