Asia Paint announced its company on Friday through its wholly owned subsidiary Asia Paint International Pvt Ltd, Singapore (APIPL). A subsidiary of BPSPL), Australia (Omega), Omega Property Investments Pty Ltd.
In a regulatory filing, the company stated that the transaction was valued at Sgd 7.5 million. The transaction is expected to close by March 31, 2025.
Apipl established two fully owned entities, Pt Asian Paints Indonesia and Pt Asian Paints Color Indonesia, about nine years ago, to take advantage of Indonesia’s architectural coating opportunities. However, they argued that their operations in Indonesia are not significant on a subscale to the company’s overall international operations despite various strategic measures. “Based on a strategic review of all businesses, APIPL has decided to sell its operations in Indonesia, with the sale being approximately Rs 90 in the company’s consolidated finances, subject to adjustments required at the end of the transaction. It is expected to lead to recognition of losses,” it said in a statement filed with the exchange.
“This will allow us to focus on prioritized markets in the Middle East and South Asia, strengthening our international portfolio,” said Amit Syngle, Managing Director and CEO of Asian Paints.
Earlier this month, Asian Paint released its third quarter revenue report, reducing its profit by 23.50% at Rs 1,128.43. It reported revenue from operations at Rs 8,521.51, a decrease of 6.10% against 9,074.94 crore in the third quarter of the previous year.
Asian paint stocks fell 0.38% at 3pm to a trading price of Rs 2,227.50.
