Asian Paints picks up 51pct stake in Ethiopian paint maker Kadisco
Asian Paints (International) Ltd has purchased a 51% equity interest in Ethiopian paint maker Kadisco Chemical Industry PLC. The acquisition was announced by its parent firm, Indian paint giant Asian Paints Ltd, according to Live Mint. The financial terms of the transaction was not disclosed in the said report.
The Indian company stated: "Asian Paints (International) Limited, a wholly owned subsidiary of the Company on 14 April 2014 has signed an agreement with the shareholders of Kadisco Chemical Industry PLC to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco."
The purchase of the Kadisco shares is still subject to regulatory approval, the report added.
Kadisco is a company that manufactures and sells paints, coatings, and adhesives. The firm is currently based in Ethiopia, Live Mint reported.
Asian Paints Ltd is the largest paint manufacturer in India. It is also the third largest paint company in Asia. The firm is currently based in Mumbai, according to its profile on Wikipedia.