Asian Paints (International) Ltd (APIL), a wholly-owned subsidiary of India’s largest paints company Asian Paints Ltd, has acquired additional 25.72 per cent stake in Berger International Ltd, which is listed on the Singapore Exchange (SGX), for S$6.7 million ($5.2 million or Rs 33.8 crore).
With this transaction, Asian Paints, which already held 50.1 per cent stake in the indirect subsidiary, has increased its stake to 75.82 per cent.
The firm has also come with a voluntary open offer for Berger International (which is not related to India’s Berger Paints), as per a stock market disclosure. It has made an unconditional cash offer to acquire the balance 24.18 per cent stake of Berger International with an intention to make it a wholly owned subsidiary and delist it from SGX.
The open offer has been made at S$0.25 a share and would cost up to S$6.2 million or $4.8 million. KPMG is handling the open offer.
Singapore-headquartered Berger International, an investment holding company, is engaged in the manufacture, distribution and sale of paint and related products in Bahrain, The United Arab Emirates, Jamaica, Trinidad and Barbados.
Two weeks ago, Asian Paints completed its transaction to buy 51 per cent stake in Sleek International Pvt Ltd, one of the top kitchen solutions provider in the country, for $19.7 million.
(Edited by Joby Puthuparampil Johnson)