Asian Paints International's Mauritius subsidiary has transferred its majority stake in two entities to Singapore-based Berger International.
The transfer of stake to Berger International is part of Asian Paints' plans to consolidate its investment in the overseas subsidiaries.
"Asian Paints (International) Limited, Mauritius, a wholly owned subsidiary of the Company has transferred its entire holding of 80 per cent held in the subsidiary Company viz., Samoa Paints Limited, Samoa and 75 per cent holding in the subsidiary Company viz., Asian Paints (SI) Limited, Solomon Islands, to Berger International Limited, Singapore, a wholly owned subsidiary of APIL," the company said in a filing to the BSE.
On September 14, Asian Paints (International) Limited, Mauritius, transferred its entire holding of 49 per cent held in the subsidiary company Asian Paints (Middle East) LLC and 100 per cent of holding in the subsidiary company, Asian Paints (Tonga) Limited to Berger International Limited in Singapore.
In July, Asian Paints (International) transferred its entire holding of 89.78 per ent held by it in Asian Paints Bangladesh Limited to Berger International Limited, Singapore.
Shares of Asian Paints closed at Rs 827.35 a piece, down by 0.06 per cent, at BSE today.
