Pyramid Wilmar Plantations to invest in EMPSL

Sunshine Holdings PLC (SUN) and Tata Global Beverages Ltd. (TGBL) recently recorded the successful completion of Pyramid Wilmar Plantations (Pvt) Ltd's proposed investment in Estate Management Services (Pvt) Ltd (EMSPL). EMSPL is a joint venture between Sunshine Holdings and Tata Global Beverages Ltd.

This follows the initial notification to the Colombo Stock Exchange on November 28, 2012 made by SUN.

Pyramid Wilmar Plantations (Pvt) Ltd (PWPPL) is a joint venture between Asian agribusiness group, Wilmar International Limited and Wressle Holdings Ltd. Wilmar International Limited is listed on the Singapore Stock Exchange.

SUN and TGBL will divest their shares proportionally to accommodate PWPPL's investment into EMSPL.

Managing Director of Sunshine Holdings PLC, Vish Govindasamy said, "Our 20-year partnership with TGBL has been a wonderful journey from plantations to branded business. When we formulated the JV in 1992, there were high expectations all around and am happy to note that we have exceeded all stakeholder expectations."

"Today, it's with that same enthusiasm, we embark on another journey through the partnership with Pyramid Wilmar Plantations," he said.

"The partnership will bring in Wilmar's expertise in the entire value chain of the agricultural commodity processing business to the EMSPL Group. We look forward to building on the value that has been nurtured through our partnership with TGBL for the last 20 years," said Govindasamy.

After divestment, Sunshine Holdings shareholding in EMSPL would be reduced from 51% to 33.15%.

Chief Executive Officer and Managing Director of TGBL, Harish Bhat, who was in Colombo for the signing said, "Tata's Sri Lanka entry would not have happened without Sunshine Holdings. At Tata Global Beverages, we have had an excellent and rewarding partnership with Sunshine over the past two decades and more, and jointly own and share with our partners, an ambitious vision for this company.

Our future in Sri Lanka will be further strengthened by this new partnership with Pyramid Wilmar Plantations".

"We are excited to work with both Sunshine and TGBL in the plantation sector to expand our value chain in Sri Lanka," said Managing Director of Pyramid Wilmar Plantations, Sajad Mawzoon.

He said,"Understandably, expectations are high and we look forward to working closely in creating sustainable value all around."

"The EMSPL Group owns oil palm plantations in Sri Lanka in excess of 3,000 ha, which are of interest to Wilmar as it operates a large palm oil refinery in Sri Lanka, in a separate joint venture with Wressle Holdings. Wilmar plans to develop oil palm estates with its partners," a spokesman for the company said.