Asian Paints divests entire stake in Berger Paints

Asian Paints International Private Limited, Singapore (APIPL), which is a wholly owned subsidiary of Asian Paints Limited, has sold its entire stake in Berger Paints Singapore Pte Limited (BPS) to Austraian company Omega Property Investments Pty Ltd.

Asian Paints is the holding company of Berger International. The company will be selling the Singaporean arm of Berger Paints for 4 million Singapore dollars which is equivalent to Rs. 21 crore or US$ 2.9 million. Berger Paints Singapore had a limited presence in the local coatings market in Singapore and hence was not material to the overall international operations of the Asian Paints group. The subsidiary had reported revenues of 19.77 million Singapore dollars equivalent to Rs. 103 crore for the financial year ended March 31, 2019, and a loss of 1.55 million Singapore dollars equivalent to around Rs. 8.08 crore for the same period.

Asian Paints Limited is engaged in manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The company has a market share of around 54.1 per cent in the Indian paint industry. 

On Tuesday, the stock of the company was trading at Rs. 1525.35, up by 0.32 per cent or Rs. 4.8 per share. The intraday high is Rs. 1542.95 and intraday low is Rs. 1519.25. The 52-week high is Rs. 1621.95 and the 52-week low is Rs. 1119.6 on BSE.