Berger Paints to set up subsidiary to deliver IT-enabled services

Berger Paints is going to set up a subsidiary to deliver information technology-enabled services (ITES) here in Bangladesh.

The listed paint maker would invest Tk 25 lakh to establish Berger Tech Consulting Ltd, according to a decision taken by its board today.

However, the share price of Berger Paints fell 0.5 per cent from the previous trading day to hit Tk 1,717.2 today at the Dhaka Stock Exchange.

In March this year, Berger through a joint venture with Fosroc International Ltd opened a construction chemicals plant near Dhaka to cater for the growing domestic market for chemicals and cut import dependence.

The joint venture entity invested around Tk 100 crore to build the plant, Berger said earlier.

Net profit of Berger Paints rose 19 per cent year-on-year to Tk 191 crore in the April to December period of 2021-22 financial year, according to its financial statement.