Asian Paints (International) Ltd (APIL), a wholly-owned subsidiary of India’s largest paints company Asian Paints Ltd, has hiked its stake in Berger International Ltd (BIL), to around 96.7 per cent, as per a stock market disclosure.
It has also disclosed that BIL has now been delisted from the Singapore Exchange (SGX).
Last August, APIL had acquired 25.72 per cent stake in the company for $5.2 million and increased its stake to 75.82 per cent. It had also come out with a voluntary cash offer to acquire the balance 24.18 per cent shares of BIL with an intention to make BIL a wholly-owned subsidiary.
Singapore-headquartered BIL, 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.
Asian Paints is the largest paints company in the country ahead of Berger Paints (not associated with Berger International), Kansai Nerolac and Akzo Nobel (earlier ICI). It has operations in 24 countries with combined paint manufacturing capacity of 330 million litres per annum.
(Edited by Joby Puthuparampil Johnson)