Asia Coatings International Berhad (APIPL), a wholly-owned subsidiary of Asia Coatings Corp. in Singapore, has entered into a share purchase agreement with SCIB Chemicals SAE (SCIB) of Egypt to acquire a 24.3% stake from a minority shareholder of SCIB.

Egypt SCIB Chemical Company Limited (SCIB), a subsidiary of APIPL, is engaged in the manufacture, sale and distribution of coatings and related products. The turnover for 2023-2024 is Rs 434 crore (about $52.17 million).

The acquisition of shares from certain minority shareholders will give APIPL greater equity representation in the SCIB and provide minority shareholders with an exit opportunity.

APIPL will acquire 437352 shares for a total consideration of US$4.13 million (Rs 34 crore). The acquisition will be completed on or before 30 June 2024.

Founded in 1942, Asia Coatings is India's leading coatings company, ranked among the world's top 10 coatings companies and the second largest in Asia, principally engaged in the manufacture, sale and distribution of paints, coatings and home décor related products, as well as the provision of related services, with 27 coatings manufacturing plants in 15 countries around the world.

The coatings giant's full-year consolidated sales for fiscal year 2024 (April 1, 2023 – March 31, 2024) were up 3% to Rs.3,382 crore ($4.23 billion); Standalone sales stood at Rs.30,728 crore ($3.68 billion), up 2.6 per cent. Sales for the full year increased by 18.8 percent and by 10.9 percent in the fourth quarter.