Sunshine Holding PLC and CIC Holding PLC on Monday (15) stated that they have called off plans to merge/ combine healthcare sector operations as announced in March 14 this year.

The two companies in separate market fillings noted that they have decided not proceed with the merger and will continue to operate their healthcare sector operations in the present manner.

In March, the two companies in a joint a statement noted that Sunshine would hold 60% percent of the shares in the merged business, while CIC would hold 40%

The terms of the merger are under negotiations and are subject to due diligence findings, the firms said at that time.

Sunshine operates the Healthguard retail pharmacy chain, as well as trades in pharmaceuticals and medical equipment.

CIC Holdings too imports pharmaceuticals and medical equipment, but also produces healthcare and personal care products locally.