Asian Paints will acquire 51% stake in Ethiopia-based Kadisco Paint through its Singapore-based subsidiary Berger International for an undisclosed sum.
"Berger International Limited, Singapore, a wholly owned subsidiary of Asian Paints (International) Limited on October 22, 2014 has signed a share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco," Asian Paints informed the BSE.
Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia, it added.
The consideration for the acquisition will be disclosed on closing and completion of the transaction, it said.
"This acquisition will enable the company to expand its international footprint," the BSE filing said, adding it would be subject to applicable regulatory and other approvals.
On April 14, 2014, the company had informed that Asian Paints (International) Limited, Mauritius, a wholly owned subsidiary of the company, had signed an agreement with the shareholders of Kadisco Paint and Adhesive Industry Share Company, Ethiopia to acquire directly or indirectly through its subsidiaries, 51% of the equity share capital of Kadisco.