Asian Paints’ indirect subsidiary Berger International (BIPL), Singapore, has completed the divestment of its stake in LBOH on July 24, 2017 and thereby from the three units operating in the Caribbean region for a consideration of $29.37 million (Rs 189.16 crore at current exchange).
Earlier, BIPL had entered into a share purchase agreement (SPA) with the ANSA Coatings International, St. Lucia (ANSA Coatings) for divestment of its entire stake in Lewis Berger (Overseas Holdings), UK (LBOH), wholly owned subsidiary of BIPL, which in turn holds 100 percent stake in Berger Paints Barbados, 51 percent stake in Berger Paints Jamaica and 70 percent stake in Berger Paints Trinidad.
Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company's business segments are Paints and Home Improvement.
