Asian Paints Ltd. has said that it is selling its entire stake in Berger Paints Singapore Pte. Ltd. to Australian asset manager, Omega Property Investments Pty. Ltd. for S$4-mn (Rs. 21-crore).
Asian Paints said it was selling Berger Paints Singapore as the firm had a limited presence in the local coatings market and was not “material to the overall international operations” of the group.
The subsidiary reported revenue of S$19.77-mn (Rs. 103-crore) for 2018-19, and a loss of S$1.55-mn (Rs. 8.08-crore).
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