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| Exchange Disseminated Time | With reference to the earlier letter dated April 14, 2014, wherein the Company had informed that Asian Paints (International) Limited, Mauritius, ("APIL") a wholly owned subsidiary of the Company, had signed an agreement with the shareholders of Kadisco Paint and Adhesive Industry Share Company (formerly known as Kadisco Chemical Industry PLC), Ethiopia ('Kadisco") to acquire directly or indirectly through its subsidiaries, 51% of the equity share capital of Kadisco, subject to applicable regulatory and other approvals, Asian Paints Ltd has now informed BSE that Berger International Limited, Singapore, a wholly owned subsidiary of APIL on October 22, 2014 has signed a Share Purchase Agreement and other definitive agreements and documents to acquire 51% stake in Kadisco (the “Acquisition"). The Acquisition is subject to approval of the regulatory authorities in Ethiopia. The consideration for the Acquisition will be disclosed on closing and completion of the Acquisition. This Acquisition will enable the Company to expand its international footprint.
Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.
None of the persons belonging to Promoter/ Promoter Group{s) of the Company has any interest in the Acquisition and it is not a related party transaction for the Company. |
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