Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Corporate
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Mergers & Acquisitions Asian Paints arm sheds stake in Philippines co Our Bureau
Mumbai , June 12 Berger International Ltd (BIL), the Singapore-based subsidiary of Asian Paints, has sold its 30 per cent stake in Dutch Boy Philippines (DBP) for Rs 6.74 crore. Berger has paid Rs 0.91 crore in cash on signing the agreement for sale of shares and the remaining Rs 5.83 crore would be payable in cash on completion of the deal. On completion of the deal, Dutch Boy Philippines will cease to be an associated company of Berger. "BIL holds 30 per cent interest in DBP but does not have management control. DBP has been incurring losses and after a review of its prospects, the board of BIL has decided to divest the company's entire interest in DBP. The proceeds from the disposal will be used for BIL's working capital purposes and to fund the operations of the Berger International group," a press release said quoting Mr Jalaj Dani, Chairman, BIL.
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