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Kadisco Chemical Industry Plc. has finally sold its 51 percent stake valued at USD 19 million to Indian company, Asian Paints. The deal took months of discussion and was finally sealed on March 9 with a signing ceremony held at the Ethiopian Investment Commission office.
The trade name Kadisco is to be maintained by Kadisco Chemical Industry, but top managerial positions are now shifted to Asian Paints, it was disclosed at the official announcement at the Hilton Hotel. Kadisco is one of the leading paint producers in Ethiopia engaged in the manufacturing of decorative, industrial, automotive paints, other coatings and adhesives.
Khalifa Abdulkadir, who had held the position of Chairman at Kadisco for more than 30 years, now transferred his chairmanship to Asian Paints represented by MS. K. Annan.
“There is still a big gap between demand and supply; most paints are still imported. We believe selling our stake to a very experienced company will contribute to meeting the local market demand and reduce import,” Kelifa said.
Asian Paints is one of the largest paint manufacturing companies in Asia and operates in 25 countries including Ethiopia with a combined paint manufacturing capacity of around 330 million liters per annum.
MS. K. Annan said, “We are glad to work in Ethiopia. We have seen that demand for paints is high and we will work to meet the demand.’’
Mebrhatu Melese (Phd), State Minister of Industry hailed the partnership. “Nowadays people want to decorate their home, company, building with different paints but we don’t have enough companies that can produce new tints of paint. The partnership between Kadisco and Asian paints can deliver more varieties of paints.’’
Kadisco is a family business established in 1991 with a capital of five million birr and currently holds 25 percent of the market stakes for paints.