Asian Paints on Wednesday said its overseas subsidiary Asian Paints (International) Limited (APIL), Mauritius, has transferred its entire holding in Asian Paints (Vanuatu) Limited to the Singapore-based Berger International.
“As part of the company’s plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) Ltd (APIL), Mauritius, a wholly-owned subsidiary of the company has transferred its entire holding of 60 per cent held in the subsidiary company, Asian Paints (Vanuatu) Ltd to Berger International Private Ltd, Singapore,” Asian Paints said in a BSE filing.
In October, Asian Paints International’s Mauritius subsidiary transferred its majority stake in two entities to the Singapore-based Berger International.
APIL had transferred its entire holding of 80 per cent held in the subsidiary company Samoa Paints Ltd, Samoa, and 75 per cent holding in the subsidiary company Asian Paints (SI) Ltd, Solomon Islands, to Berger International.
The transfer of stake to Berger International is part of Asian Paints plans to consolidate its investment in the overseas subsidiaries.
