Watawala Tea Ceylon Ltd. (WTCL), a 100% owned subsidiary of Sunshine Holdings PLC (CSE: SUN), yesterday announced that the business has been renamed as “Sunshine Consumer Lanka Ltd.”.
In August 2020, Sunshine Holdings marked the first step in this journey by completing the acquisition of a leading Sri Lankan confectionery company, Daintee Ltd., adding several prestigious brands to its portfolio. The transaction was valued at Rs. 1.7 billion and the acquisition was in line with the group’s strategy to expand beyond tea. Today, Sunshine Consumer Lanka leads in the tea categories and toffees and sweets segment of the confectionary category with some of the country’s most-loved brands – Watawala, Zesta, Ran Kahata, Daintee, and Milady.
The company’s branded tea business is currently Sri Lanka’s largest, with a significant market share of 37%. The three brands – Watawala, Zesta, and Ran Kahata – cater to three distinct market segments, and all the brands have reaffirmed their recognition among Sri Lankan consumers. The confectionary business boasts an extensive product range consisting of toffees, sweets, jellies, chocolates, cocoa-based confectionery, bubblegum, desserts, biscuits, and snacks where Daintee maintains more than 40% market share in toffees and sweets. The products are marketed under the brand names such as Daintee, Milady, Bensons, Chito, Chix, X-tra, and Mr. Bitz.
Commenting on the rebranding, Sunshine Consumer Lanka Chief Executive Officer Surith Perera said: “Over the last few years, we have been making waves in the FMCG (fast-moving consumer goods) sector with our tea brands, where we enjoy the market leader position in branded tea. While expanding within the FMCG market, we will be leveraging on our strengths of branding and distribution which has enabled us to be the market leader in tea.”
The consumer sector’s strong contribution in a turbulent environment propelled Sunshine Holdings to report resilient growth during the first nine months of the current financial year (9MFY21). The consumer goods sector reported a 17.3% Year-on-Year (YoY) increase in revenue to close at Rs. 4.9 billion and the profit after tax (PAT) marginally increased by 3.3% YoY in comparison to the same period last year.
Sunshine’s Watawala Tea Ceylon rebrands as ‘Sunshine Consumer Lanka’
25 Feb 2021
Sunshine’s Watawala Tea Ceylon rebrands as ‘Sunshine Consumer Lanka’
25 Feb 2021
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