EAC has entered into an agreement for the sale of its minority holding in Akzo Nobel Paints (Thailand) Ltd. for a total consideration of around DKK 220 million. The purchaser is a company in the Akzo Nobel Group.
The transaction is expected to close before the end of this month and will result in a profit over book value of around DKK 193 million which will be included in the net profit for the year as a gain from divestment of associated company. EAC will issue an announcement once the transaction is completed.
The portfolio investment in Akzo Nobel Paints was historically related to the activities of EAC Industrial Ingredients in Thailand, and following the divestment of this business in July 2010, the investment in Akzo Nobel Paints is no longer strategically motivated.