Berger Paints to form jt venture company

Berger Paints Bangladesh will form a joint venture company that will manufacture and trade all kinds of construction materials, chemicals and related technology. The joint venture company namely 'Berger Fosroc Limited' will be formed with UK-based Fosroc International Limited. Berger Paints Bangladesh will hold 50 per cent shares of the joint venture company and the rest will be owned by Fosroc International Limited. In this regard, the board of directors of Berger Paints Bangladesh has decided to sign a joint venture agreement with Fosroc International Limited, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE). "The joint venture company will manufacture and trade all kinds of construction materials, chemicals and related technology," said the company disclosure. Berger Paints Bangladesh, an 'A' category company, was listed with the stock exchanges in 2006. According to DSE information, the company's sponsor-directors hold 95 per cent shares, whereas institutions own 2.56 per cent shares, foreign shareholders 2.06 per cent shares and public shareholders 0.38 per cent. On Sunday, the company's share price rose 3.36 per cent or Tk 71 to close at Tk 2182.90. — FE Report