Asian Paints to buy 51% stake in Ethiopia-based Kadisco Chemical

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Addis Ababa, 15 April 2014 (WIC) - Asian Paints (International) Ltd (APIL), a wholly owned subsidiary of India’s largest paints company Asian Paints Ltd, has agreed to buy 51 per cent equity stake in Ethiopia-based Kadisco Chemical Industry Plc for an undisclosed amount, according to a stock market disclosure.

Asian Paints (International) has signed an agreement with the shareholders of Kadisco to acquire either directly or through its subsidiaries, 51 per cent stake of the equity share capital of Kadisco, the disclosure said. Kadisco manufactures and sells paints, other coatings and adhesives in Ethiopia.

In February this year, Asian Paints had hiked its stake in Singapore-headquartered Berger International Ltd (BIL), an investment holding company which manufactures, distributes and sells paint and related products in Bahrain, The United Arab Emirates, Jamaica, Trinidad and Barbados, to around 96.7 per cent.