Asian Paints’ indirect subsidiary completed a deal which grants it 51 percent stake in an Ethiopian paint manufacturer, Kadisco. The deal was done for a price of USD 18.95 million in cash.

The indirect subsidiary which bought 51 percent of Kadisco Paint and Adhesive Industry Share Company is Berger International, Singapore (BIL).

The announcement was made on Tuesday, February 10, 2015

However, Aslan has noted certain regulatory approvals are pending from the Ethiopian government in relation to the acquisition.

Asian Paints operates in 17 countries and has 25 manufacturing facilities across the world. On the other hand Kadisco is one of the leading paint companies in the Horn of Africa nation and it manufactures and sells decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.

Source: Business Standard