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Asian Paints today said its Mauritius-based wholly owned subsidiary Asian Paints International Ltd (APIL) has increased holding in Berger International Ltd, Singapore (BIL) to 90.44% through its ongoing open offer.
The offer would close on October 9, 2013 or such later date as may be announced from time to time by APIL, Asian Paints said in a filing to the BSE.
"APIL owns and holds approximately 90.44%, of the total number of issued shares of Berger International Ltd, Singapore - indirect subsidiary of Asian Paints, as at the date of this announcement, together with the valid acceptances received in terms of the aforesaid Offer," it said.
On August 21, APIL, which already held 50.1% stake in BIL, raised it to 75.82% by buying shares for Singapore dollar (SD) 0.25 per scrip, totalling SD 6.68 million.
After that it had announced to come out with a voluntary cash offer to acquire the balance 24.18% shares of BIL with an intention to make BIL a wholly-owned subsidiary of APIL and delist from Singapore Exchange Securities Trading Ltd.
APIL had said the delisting of BIL would provide greater flexibility to manage, develop and optimise the use of the management and capital resources and facilitate the implementation of any operational change.
Asian Paints said it has no present intention to introduce any major changes to the businesses of Berger.
