Asian Paints subsidiary enters into share purchase agreement with Myanmar Economic Holdings Ltd

Asian Paints has announced that Berger International, the subsidiary of the company, has entered into a conditional share purchase agreement with Myanmar Economic Holdings for the sale of its entire holding in Berger Paints Manufacturing Ltd, Myanmar.

Pursuant to the agreement, the consideration payable to Berger International for the sale of said shares is USD 6,00,000 (equivalent to approximately SGD 9,36,420 based on an exchange rate of SGD 1.5607 : USD 1).

The gain for the Berger group from the above transaction will be approximately SGD 0.725 million. Asian Paints (International) Ltd, a 100% subsidiary Company of the Company holds 50.1% shares of Berger International.

The above share purchase agreement is subject to requisite approvals as may be necessary.

Source : Equity Bulls

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