India’s largest paint-maker, Asian Paints, officially announced its bid to acquire a controlling stake in SCIB Chemicals Company, a 50 percent-owned subsidiary of Orascom Construction Industries (OCI). SCIB is among the five largest paint companies in Egypt.
The move marks Asian Paints first venture into the North African market and is part of the company’s growth strategy of expanding its operations in the emerging markets. the Egyptian paint market was given high priority as it is a stable economy.
With a minimum of 51 percent and a maximum of 60 percent, the tender set a price of LE12.45/share. The tender offer is valid from Thursday, November 28, for a two-week period, until December 11, 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
