Asian Paints enters into conditional share purchase agreement with China Oceanic

Asian Paints’ step down subsidiary, Berger International (BIL) Singapore has entered into a conditional share transfer agreement with China Oceanic for divestment of its entire stake in Berger Paints (Hong Kong), subject to such sanctions and approvals as may be necessary.

China Oceanic has agreed to purchase 1,70,000 fully paid ordinary shares of par value HK$10 each in the capital of Berger Paints (Hong Kong) (BPHK), a wholly owned subsidiary of BIL.

Completion of the BPHK disposal is conditional upon inter alia the approval of the shareholders of the company (if required) and approval(s) of any relevant regulatory for the purchase of the sale shares. Upon completion, the company will no longer hold any interest in BPHK.