Berger Paints suspends operations in restive Bahrain
16 Mar 2011
Berger Paints Bahrain WLL, a wholly owned subsidiary of Berger International Limited (BIL), an indirect subsidiary of Asian Paints Ltd, has temporarily suspended operations following increasing civil unrest in Bahrain.
In a communication with the Singapore Stock Exchange, Berger International said the increasing civil unrest and declaration of a state of emergency by the Bahrain government on 15 March has impacted the operations of its wholly owned subsidiary.
The company said it would closely monitor the situation in Bahrain and will make appropriate announcements in the event of any material development.
Asian Paints today submitted to BSE a copy of the announcement made by Berger International Limited (BIL), Singapore, which is listed on the Singapore Stock Exchange Limited.
Berger Paints Bahrain has its factory, warehouse and offices located in the North Sitra Industrial Area of Bahrain.
The production volume and revenue from paint sales of Berger Bahrain accounted for 20 per cent and 15 per cent, respectively, of the Berger International group's combined sales and revenue, based on the consolidated financial statements for the nine month ended 31 December 2010, the company said in a release.