Asian Paints’ 100 per cent subsidiary Berger International, Singapore, has signed a conditional share purchase agreement to divest its entire shareholding in Berger International Sdn. Bhd., Malaysia, for RM 1,500,000 (about Rs 4.11 crore). The deal for the sale of 2.04 crore shares of the loss-making Malaysian unit is with Royalton Holdings Sdn Bhd., which will make an interim payment of Rs 2.07 crore, said a senior company official. Asian paints said the sale procee ds would be used for its working capital needs and fund the operations of the Berger Group
Source: The Hindu BusinesslineBerger to divest Malaysian stake
Industry: Paint 2016-04-03