Asian Paints sells stake in Berger Paints Singapore
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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