TOKYO - Singapore's Wuthelam Group will take majority control of Nippon Paint Holdings, spending 1.28 trillion yen to raise its stake to just under 60 per cent from 39 per cent now, the Japanese company said in a statement on Friday .
Wuthelam, already the largest shareholder in Nippon Paint, will become a majority shareholder through the deal, which is one of Asia’s largest cross-border transactions in 2020. Wuthelam Holdings is a closely held paint and coatings maker. Its founder Goh Cheng Liang, 93, moved up this year to third place on Forbes’ list of Singapore’s richest as his net worth increased to US$14.8 billion from US$9.5 billion last year.
Nippon Paint is Asia’s biggest paint maker and the fourth-largest in the world.. In 2019, it acquired DuluxGroup, Australia’s largest paint manufacturer, for US$2.7 billion and Turkey’s Betek Boya for US$247 million. Mr Goh started making paints in a small factory in Singapore before he went on to partner with Nippon Paint in 1962, Forbes reported. His son, Hup Jin, was appointed chairman of Nippon Paint in March 2018 and also runs their privately held joint venture, Nipsea.
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