Connect with us

Business

Sunshine and Akbar merge healthcare businesses

Published

on

Akbar Brothers acquires 28% of the combined healthcare business

Diversified conglomerate Sunshine Holdings PLC last weeek announced the merger of their healthcare business consisting of Sunshine Healthcare Lanka and Healthguard Pharmacy with the healthcare arm of Akbar Brothers comprising Akbar Pharmaceuticals, Lina Manufacturing and Lina Spiro.

“The strategic merger will create Sri Lanka’s first fully integrated healthcare company starting from manufacturing up to retailing of healthcare products, including last-mile distribution across the country for all healthcare products,” a news release on the merger said.

“The company will be operating in all five segments of the healthcare supply chain, namely R&D, manufacturing, importation, distribution and retail.”

The release said the merger will also enhance the pharmaceutical manufacturing capacity in the country with both leading business groups working together to invest in this critical national building sector. By combining their strengths, the merged healthcare business will be able to build further manufacturing capacity as well as develop and scale up production of existing and new molecules, work with regional pharma companies to drive tech transfers and overall increase the local production of medicines as envisaged by the president.

Sunshine Healthcare Lanka,

established in 1967, is a leading market expansion services provider, with an extensive specialized healthcare team, offering a broad range of customized services from registration to importation, customs clearance and temperature-controlled storage, sales and marketing, warehousing and pharmacy distribution. Healthguard Pharmacy Ltd, a 100% subsidiary of SHL, has established a network of 22 pharmacies across Greater Colombo, offering a range of pharmaceuticals, wellness and beauty products that has set the benchmark in healthcare retailing in the country.

Lina Manufacturing

is the Akbar group’s first pharma manufacturing venture with an operating history of 10 years. Together with the University of Sri Jayawardenapura, they have developed molecules which they supply significantly to the Public Sector through the Ministry of Health’s pharmaceutical buyback program. The company manufactures a range of respiratory pharmaceuticals and devices including Beclovent, Flutivent, Salbuvent, Prazolin, Winterpan and the award winning Ventohaler inhalers. Lina Spiro is the latest venture of Akbar Pharma which focuses on manufacturing the latest technology metered-dose inhalers which are for respiratory care and is the only such manufacturer in Sri Lanka certified to WHO-GMP standards, opening the door to international exports.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

‘This must be your last IMF Programme; lapses cannot be repeated’

Published

on

Top dignitaries who featured at ‘Sri Lanka’s Road to Recovery…’ forum.

IMF First Deputy Managing Director tells Sri Lanka

Sri Lanka’s long and difficult journey from economic collapse to cautious recovery reached a critical milestone as President Anura Kumara Dissanayake, IMF First Deputy Managing Director, Dr. Gita Gopinath, and Central Bank Governor Dr. Nandalal Weerasinghe addressed the high-profile “Sri Lanka’s Road to Recovery: Debt and Governance” conference yesterday in Colombo.

The event, jointly organized by the Central Bank of Sri Lanka (CBSL), the Ministry of Finance and the International Monetary Fund (IMF), underscored the urgency of sustaining reform momentum while opening a new chapter in the country’s 75-year partnership with the IMF.

With macroeconomic stability returning but fragility still looming, the message from all three leaders was clear: Sri Lanka cannot afford to backslide.

“This must be the last IMF programme for Sri Lanka, Dr. Gopinath stated firmly in her keynote speech. “We’ve had 16 before this—about half ended prematurely. Reform fatigue, policy reversals and lost discipline cannot be repeated. This time must be different.”

While the conference primarily focused on public financial management, debt sustainability, and governance, the implications for Sri Lanka’s business environment were unmistakable. According to Gopinath, structural reforms, transparent fiscal management and improved governance are not abstract policy ideals — they are the essential foundations for restoring investor confidence, revitalizing private enterprise and building a resilient economy.

“Comprehensive governance reform can raise GDP by over 7% and reduce debt-to-GDP by more than six percentage points over the next decade, Gopinath noted, citing IMF internal analysis. “These are not just theoretical benefits — they are real, measurable returns for the private sector, job creation, and inclusive growth.”

Dr. Weerasinghe echoed this sentiment, stating that the IMF-supported programme “has laid the groundwork for macroeconomic fundamentals essential for sustained growth. He emphasized that Sri Lanka’s financial institutions and monetary authorities are now better equipped to support private sector-led recovery, pointing to a stabilizing rupee, single-digit inflation and restored investor interest.

“With improved credit ratings and Sri Lankan bonds being re-included in global indices, capital markets are beginning to show signs of life, said Dr. Weerasinghe. “This creates a platform for increased foreign direct investment (FDI), trade expansion, and domestic entrepreneurial activity.”

President Dissanayake opened the conference with a stark reminder of the human cost of Sri Lanka’s economic collapse. He called for economic leadership that not only addresses balance sheets but also rights wrongs of the past.

“We lost three critical things — one in our economy, two in our country, and three in our people, he said. “We must recover what was lost. And we can only do that through trust, transparency and inclusive policies.”

Dissanayake acknowledged the sacrifices made by the public — especially the most vulnerable — and emphasized that public buy-in is essential to the success of reform. “The people of this country have already shown their willingness to endure hardship in service of recovery. It is now the responsibility of government and institutions to ensure that their sacrifices are not in vain.”

His words carried weight in a country where memories of fuel queues, food shortages and economic despair remain fresh. The President signaled his administration’s commitment to a social contract grounded in accountability and economic fairness.

Gopinath noted that:

USD 3 billion in external debt was forgiven.

USD 25 billion was restructured with longer maturities and lower interest rates.

External debt servicing was reduced by half over the next decade.

Debt-to-GDP ratios are expected to fall by 27 to 34 percentage points.

“Sri Lanka’s experience has helped us sharpen how we approach debt sustainability, creditor coordination and domestic financial sector resilience, said Gopinath. “It’s a case study in how complex, painful, but ultimately successful restructuring can be done.”

By Ifham Nizam

Continue Reading

Business

Nestlé Golden Chefs’ Hat Competition 2025 recognizes Sri Lanka’s top culinary talent

Published

on

Nestlé Professional Sri Lanka, in partnership with the Chefs Guild of Lanka, relaunched the Nestlé Golden Chefs’ Hat Competition this year – an island wide culinary competition focused on developing up-and-coming culinary talent in the hospitality industry.

Nestlé Professional also collaborated with the Sri Lanka Hospitality Graduates Association and Chefs Guild of Lanka to launch the Junior Nestlé Golden Chefs’ Hat Competition for the very first time – providing culinary students in the hospitality industry with a platform to showcase their talents and skills, while fostering the next generation of culinary experts.

The regional rounds, held across all nine provinces of the country, brought together 18 finalists from both the Professional category and the newly introduced Junior category, to compete in the Grand Finale at the Culinary Art Food Expo.

The winners of the Nestlé Golden Chefs’ Hat Competition 2025 were awarded at an event held on 15th June at Cinnamon Grand Colombo, with the participation of distinguished guests – Chief Guest, Her Excellency the Ambassador of Switzerland to Sri Lanka and Maldives, Dr. Siri Walt; Head of Nestlé Professional Strategic Business Unit, Nestlé S.A., Reinhold Jakobi; Regional Business Head – Nestlé Professional, Nestlé Asia, Oceania and Africa Region, Jeroen Pluijmers; Director – Nestlé Professional, Nestlé South Asia Region, . Saurabh Makhija; Chairman of the Chefs Guild of Lanka, Chef Gerard Mendis and President of the Sri Lanka Hospitality Graduates Association, Patrick Pereira.

Mr. Bernie Stefan, Managing Director of Nestlé Lanka commented “The hospitality industry plays a vital role in supporting the transition from stability to growth in the Sri Lankan economy. Nestlé Lanka is honoured to play a part in uplifting the industry through the Nestlé Golden Chefs’ Hat Competition. This initiative also embodies our Nestlé Needs YOUth initiative, which is dedicated towards empowering and upskilling the youth to excel in their field of expertise and contribute to the community”.

H.E. Dr. Siri Walt, Ambassador of Switzerland to Sri Lanka and Maldives mentioned “I congratulate Nestlé Professional, the Chefs Guild of Lanka and the Sri Lanka Hospitality Graduates Association on this wonderful initiative to promote culinary talent.

Continue Reading

Business

Activ8 Asia balances AI with nature through GPT (Go Plant a Tree)

Published

on

In celebration of World Environment Day 2025, Activ8 Asia, in collaboration with the Colombo Municipal Council (CMC), launched an inspiring green initiative titled Project GPT – Go Plant a Tree. The campaign was a city-wide call to action to counterbalance the environmental footprint of artificial intelligence through a simple, tangible act: planting trees.

The initiative saw teams planting a range of rare and biodiversity-rich flora across 11 prominent locations in Colombo, including Viharamahadevi Park, from SLT Head Office to Lake House, and near the BMICH. These spaces, chosen for their cultural, civic, and environmental significance, now serve as living reminders of the need to harmonize technology and nature. “Project GPT is our way of balancing innovation with responsibility — a gesture to give back to the planet as we move forward in the digital age. At Activ8 Asia, we use AI tools like ChatGPT daily as part of our creative workflow. But with every typed prompt, we know there’s an unseen cost — data centers that power AI models consume vast amounts of energy and water,” said a Managing Director, Wazeel Nizar from Activ8 Asia.

Project GPT was not just about planting trees — it became a platform to ignite critical conversations around digital sustainability. Through leaflet distribution, interactive signage, and a targeted social media campaign, the initiative engaged the public with compelling insights into the environmental toll of emerging technologies.

Continue Reading

Trending