Paint tycoon tops Singapore billionaire list

Singapore

THE Raffles Hotel in Singapore styles itself as the city's most graceful landmark, a 115-year-old colonial edifice that draws thousands of guests and visitors each year.

Since being repainted in 2014, its bright white facade has become even more of a beacon. The touch-up required about 2,500 litres of Vinilex 5000 acrylic emulsion, according to paintmaker Nippon Paint. That's a fraction of the one billion litres of paints and coatings produced annually by Nippon Paint South East Asia Group, or Nipsea, whose success has made founder Goh Cheng Liang Singapore's richest person with an US$8.2 billion fortune, according to the Bloomberg Billionaires Index.

Mr Goh and Osaka-based Nippon Paint Holdings Co jointly own closely-held Nipsea. In the past year, the duo cemented their half-century-old partnership after the billionaire boosted his stake in Nippon Paint to 39 per cent, making him the largest sharehol…