Asian Paints International (APIPL), Singapore, a wholly-owned subsidiary of Asian Paints, entered into a Share Purchase Agreement with certain minority shareholders of SCIB Chemicals S.A.E., Egypt (SCIB), a subsidiary of APIPL and SCIB for the acquisition of 24.3% of the share capital of SCIB for a consideration of USD 4.13 Mn (~Rs 34.42 crore) on 26 May 2024.

The acquisition of the stake in SCIB is subject to the completion of certain formalities relating to the transfer of shares and such approvals as may be required as per Egyptian local laws.

Post completion of the acquisition, APIPL shall hold 85.6% stake in SCIB.