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BIL Dec02releaseforBSE
BIL Dec02releaseforBSE
servicing around 14,500 dealers directly from 70 sales locations and manufacturing over 2,500 stock-keeping units (SKUs).
Further, the company will implement cost structures in Bergers operations worldwide for increased plant efficiencies and increased asset productivity. It will focus to improve working capital management through various initiatives and introduce information technology in areas of operations where essential.
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Corporate Communications: Asian Paints House, 6A Shanti Nagar, Santacruz (E), Mumbai 400055, India. Tel : +91-22-5695 8549 / 8548 Fax : +91-22-5695 8805 Email : proffice@asianpaints.com
PRESS RELEASE
Asian Paints will innovate and develop new products for the individual units of Berger International to boost top-line sales. We are confident that all these measures will reflect positively on the operations of Berger International, he added. He further added: Besides the acquisitions in Singapore and Egypt, Asian Paints have just commissioned in September 02 a new greenfield venture in the fastgrowing Bangladesh market. This is Asian Paints largest greenfield venture. Low per capita consumption of paints in Bangladesh, vast potential to upgrade the market, limited product range, increased urbanisation and consistent GDP growth have been some of the reasons for Asian Paints entering into this market. Asian Paints had announced that the six-month results for the Mumbai-based parent company for the period ended September 30, 2002. The company posted revenues of Indian Rupees (INR) 7237.73 million (about S$259 million), an increase of 15.9 % over the corresponding period of the previous financial year. Net profit for the company increased by 42.0 % to INR701.38 million (about S$25 million). EBDIT increased by 33.4 % to INR1407.21 million (about S$50 million). Market share gains, margin improvement, improved efficiencies and good growth in new products have been some other major achievements in the performance of Asian Paints for the first six months of the financial year. On the international front, the company has made forays in 13 countries in the last four months through Berger International (11 countries), SCIB Chemical, Egypt and Bangladesh (greenfield venture). On October 24, Asian Paints completed the Partial General Offer (PGO) of Berger International, taking a 50.1% stake in the Singapore Exchange-listed Company for S$20.8 million (US$11.8 million). This followed an acquisition of a 60%-stake in SCIB, Egypts fifth largest paint company, for US$5 million which was completed in November 02. Following the acquisitions, the enlarged group now operates in 24 countries scattered over mostly emerging markets in South Asia, the Middle East, Mediterranean, East and South East Asia, the South Pacific and the Caribbean, with combined paint manufacturing capacity in 27 facilities of 330 million litres per annum. The immediate focus will be to turn around the operations of under-performing units of Berger International and add value from Asian Paints by improving efficiencies in operations, manufacturing, distribution and introduction of new products.
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Corporate Communications: Asian Paints House, 6A Shanti Nagar, Santacruz (E), Mumbai 400055, India. Tel : +91-22-5695 8549 / 8548 Fax : +91-22-5695 8805 Email : proffice@asianpaints.com
ABOUT SCIB
With 52 million Egyptian pounds (about S$20 million) in sales in 2001, SCIB CHEMICAL is one of the five largest paint producers in Egypt and considered by market watchers as dynamic and an innovative company. Established in 1978 by the prominent Moussa family, it was turned into a joint stock company in 1997 and became a subsidiary of United Paints & Chemicals (UPC) which is a 50:50 joint venture between Egypts giant Orascom Construction Industries Group (OCI) and the Moussa Family, the Hafez Family and Mr. Badr Sednaoui. SCIB Chemical has a modern paint plant situated in the city of 6th of October that has a capacity of 25,000 MT. ##### Issued on behalf of the companies by WeR1 Consultants Pte Ltd, Singapore (info@wer1.net)
Corporate Communications: Asian Paints House, 6A Shanti Nagar, Santacruz (E), Mumbai 400055, India. Tel : +91-22-5695 8549 / 8548 Fax : +91-22-5695 8805 Email : proffice@asianpaints.com
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