Sunshine Healthcare (IFC-48381)

Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 30, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Sunshine Healthcare Lanka Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.56 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 10.56 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 17, 2025

Disclosed by Bank Dec 2, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment is an equity investment of up to LKR 3,270 million in SHL to support Sunshine Healthcare Lanka Limited (“SHL”) in its growth plan to increase its pharma manufacturing capacity, augment its medical devices import segment, and expand its pharma retail footprint over the next three years.                       

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The investment is a Category B project. Key E&S risks are expected to include: 1) SHL's capacity to maintain an appropriate E&S management system in line with IFC PS1 requirements covering all of its operations including (but not limited to) manufacturing, retail, and logistics; 2) assurance of fair, safe and healthy labor working conditions including occupational health and safety, workers engaged by third-party, internal grievance mechanism, gender based violence and protection of workforce; 3) resource efficiency, greenhouse gas and pollution prevention as per PS3 requirements; 4) community health and safety including transport fleet operations and community grievance mechanism.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed transaction comprises an equity investment which will support the Company in its growth plan to increase its pharma manufacturing capacity, augment its medical devices import segment, and expand its pharma retail footprint. The Company plans to incur a total capex of US$10 million for its growth plans which is expected to be funded through the proposed IFC equity investment.

The proposed IFC investment is an equity investment of up to LKR 3,270 million in SHL.

IFC's Investment as Approved by the Board: Loan 10.56 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Sunshine Healthcare Lanka Limited (“SHL”) is an integrated pharmaceutical player with operations across the value chain including (i) Pharma and Medical Devices import and distribution; (ii) Pharma Manufacturing; (iii) Pharma Retail (Pharmacies); and (iv) Distribution.

SHL is a subsidiary of Sunshine Holdings PLC (“SUN”), a diverse conglomerate with interests in healthcare, consumer goods and agribusiness. SUN is an existing IFC client: IFC made a US$ 5mn investment in its consumer segment in 2021. SUN’s majority shareholder is G. Sathasivam and his family.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sunshine Healthcare Lanka Limited Client -
- - - - Sunshine Holdings PLC Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Sunshine Holdings PLC
Hiran Samarasinghe
Chief Growth Officer
+94 114702416
hiran.samarasinghe@sunshineholdings.lk
Sri Lanka
Websitehttps://www.sunshineholdings.lk

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works