Wuthelam forking out 1.29t yen to tighten grip on Nippon Paint
Deal - years in the making - raises Wuthelam's stake to 55.1%; Asia now an area of focus for the Japanese paint company
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Singapore
WUTHELAM Holdings' founder Goh Cheng Liang was once approached to be a distributor for Osaka-based Nippon Paint Holdings in 1959. Fast forward to the present, the Goh family will be splashing out 1.29 trillion yen (S$16.72 billion) to gain majority control of the Japanese paint company.
To be sure, the deal had been years in the making. Wuthelam has had dealings with Nippon Paint for close to 60 years.
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