Asian Paints said that its Singapore wholly owned subsidiary, Asian Paints International (APIPL) entered into a share purchase agreement with SCIB Chemicals S.A.E., Egypt (SCIB) to acquire 24.3% stake from minority shareholders of SCIB.
SCIB Chemicals S.A.E., Egypt (SCIB) is a subsidiary of APIPL and SCIB.SCIB is, inter alia, engaged in the manufacturing, sale, and distribution of paints and related products. Turnover for 2023-2024 was Rs 433.95 crore.
The acquisition of stake from certain minority shareholders shall allow greater shareholding representation to APIPL in SCIB and provide an exit to the minority shareholders.
APIPL will acquire 437,352 shares for total consideration of $ 4.13 million (Rs 34.42 crore). The said acquisition will be completed on or before 30 June 2024.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home door, bath fittings and providing related services.
The paint major's consolidated net profit rose marginally to Rs 1,256.72 crore in Q4 FY24 as against Rs 1,234.14 crore reported in Q4 FY23. Revenue from operations declined marginally to Rs 8,701.46 crore in the quarter ended 31 March 2024.
