Ethiopia: Kadisco to Sell Majority Share to Indian Company

Asian Paints, a subsidiary of India's largest paints company - Asian Paints Ltd, agreed to buy 51 pc equity stake in Kadisco Chemical Industry Plc of Ethiopia, following the approval by the Indian company's board on Tuesday, April 15, 2014, of a proposal by Kadisco.

Kadisco is a family business established in 1991 with a capital of five million Birr. It manufactures adhesive, glues and paints, with a 30pc market share in paints. The company has been approaching various companies in differenct countries seeking partnerships, according to Kelifa Abdulkadir, manager of the company and co-owner with his four children.

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