BIL to offload stake in Dutch Boy

Asian Paints' subsidiary has decided to sell its entire 30 per cent stake in Philippines-based Dutch Boy Philippines Inc.

Leading paint maker Asian Paints Ltd said on Monday that its subsidiary Berger International Ltd (BIL) has decided to sell its entire 30 per cent stake in Philippines-based Dutch Boy Philippines Inc.

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Berger International, the Singapore-based subsidiary of Asian Paints has executed a conditional Stock Purchase Agreement for selling 4.27 lakh shares of Dutch Boy Philippines, representing the 30 per cent stake held by it, the company informed the Bombay Stock Exchange.

The Stock Purchase Agreement is subject to requisite approvals, it added.

Asian Paints had acquired a 50.1 per cent stake in Berger International, which owns the Berger brand in over 70 countries other than India, in September 2002.