Akzo Nobel Lanka stake excluded from divestment - CIC Holdings
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CIC Holdings said Akzo Nobel Paints Lanka (Private) Limited is excluded from Akzo Nobel’s planned sale of its South East Asian decorative paints business to Nippon Paint Holdings. CIC disclosed the clarification in a market filing.
Akzo Nobel N.V. holds 50.63% of the Sri Lankan company’s issued voting shares through Imperial Chemical Industries Limited. CIC Holdings identifies Akzo Nobel Paints Lanka as its associate company.
The proposed sale covers decorative paints businesses in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. Akzo Nobel said it had entered into agreements to sell those operations to Nippon Paint for about $1.35 billion.
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