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  1. Asian Paints’ Singapore unit acquires stake in Egypt’s SCIB Chemicals, stock up 2%

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Asian Paints’ Singapore unit acquires stake in Egypt’s SCIB Chemicals, stock up 2%

SUMMARY

APIPL, a subsidiary of Asian Paints, completed the acquisition of SCIB Chemicals for around ₹34.42 crore, securing majority control with an 85.6% stake in SCIB.

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Asian Paints’ Singapore unit acquires stake in Egypt’s SCIB Chemicals, stock up 2%

Asian Paints’ Singapore unit acquires stake in Egypt’s SCIB Chemicals, stock up 2%

Shares of Asian Paints gained by 1.77% on the NSE on Friday, June 28, to reach an intraday high of ₹2,932 apiece. The upward movement in the stock was seen after Asian Paints International Private Limited (APIPL), a subsidiary of Asian Paints based in Singapore, acquired a 24.3% stake in SCIB Chemicals S.A.E., Egypt (SCIB).
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In an exchange filing on June 27, Asian Paints said that the acquisition, amounting to ₹4.13 million (around ₹34.42 crore), was finalised following a share purchase agreement with SCIB's minority shareholders and necessary regulatory approvals under Egyptian law.

With this transaction, APIPL now holds a controlling stake of 85.6% in SCIB.

Asian Paints shares opened the session at ₹2,865, higher than its previous close of ₹2,880.85, and then went on to hit the intraday high. Asian Paints stock closed at ₹2,916 up 1.24% on NSE.

Earlier, on May 9, Asian Paints reported its financial results for the quarter and year ended March 31, 2024.

For Q4FY24, the company’s revenue from operations decreased year-on-year (YoY) by 0.64% to ₹8,730.76 crore, compared to ₹8,787.34 crore in Q4FY23. The profit before tax also slipped by 5.28% to ₹1,624.09 crore in Q4FY24, compared to ₹1,709.85 crore in the same quarter previous fiscal. Net profit, however, increased by 1.32% to ₹1,275.30 crore in the March 2024 quarter, compared to ₹1,258.41 crore in Q4FY23.

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