Asian Paints to acquire more shares in Egypt’s SCIB Chemicals

Asian Paints‘ Singapore wholly-owned subsidiary, Asian Paints International (APIPL) has entered into a share purchase agreement with SCIB Chemicals S.A.E., Egypt (SCIB) to acquire 24.3% stake from minority shareholders of SCIB.

SCIB Chemicals S.A.E., Egypt (SCIB) is a subsidiary of APIPL and is engaged in the manufacturing, sale and distribution of paints and related products. Turnover for 2023-2024 was Rs 433.95 crore.

The acquisition of stake from certain minority shareholders shall allow greater shareholding representation to APIPL in SCIB and provide an exit to the minority shareholders.

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APIPL will acquire 437,352 shares for total consideration of US$4.13M (Rs 34.42 crore). The said acquisition will be completed on or before 30 June 2024.

Asian Paints is India’s leading paint company and ranked among the top 10 decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home door, bath fittings and providing related services.

The paint major’s consolidated net profit rose marginally to Rs 1,256.72 crore in Q4 FY24 as against Rs 1,234.14 crore reported in Q4 FY23. Revenue from operations declined marginally to Rs 8,701.46 crore in the quarter ended March 31, 2024.