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).
Delivering the latest product trends and industry news straight to your inbox.
(We'll never share your email address with a third-party.)
Effort Pays Off - Echemi’s Wonderful Ending at Chinacoat 2019
Selected News of the Week (Nov 20-26, 2019)
Sustainable solutions for edible oil, colorant, aroma extraction
64.73 tons of problematic food seized in Qinghai Province
Introduction to phenol: weak market of phenol in China on November 12
Market fluctuation of domestic phthalic anhydride market on November 12