JAKARTA – Asian Paints International Private Limited (APIPL), the multinational paint company from India, has ended its operations in Indonesia after nearly a decade of business.

Asian Paints conducted its operations in Indonesia through two subsidiaries, PT Asian Paints Indonesia (API) and PT Asian Paints Color Indonesia (APCI).

On Friday (14/2), APIPL signed a share sale agreement for API and APCI with Berger Paints Singapore. It is known that Berger Paints is a subsidiary of Omega Property Investments, which is based in Australia.

Under the agreement, Berger Paints will acquire 100% of API and APCI shares for SG$7.5 million, or around IDR 91 billion.

“Following this, PTAPI and PTAPCI will no longer be subsidiaries of APIPL, nor will they operate in Indonesia,” said R J Jeyamurugan, CFO & Company Secretary of APIPL, in a statement submitted to the Bombay Stock Exchange (BSE).

Jeyamurugan stated that the closure of Asian Paints' operations in Indonesia would not have a material impact, as its market share was not substantial.

“The loss from the divestment of operations in Indonesia will be consolidated in the company’s financial statements, amounting to INR 90 crores (around IDR 168 billion),” Jeyamurugan revealed. (KR)