goh cheng liang nippon
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Nippon Paint Holdings, the world’s fourth largest paint manufacturer, has struck a S$16.7 billion deal with Goh Cheng Liang’s Wuthelam Holdings in a bid to build the largest paints and coatings company in Asia.

Wuthelam will be buying majority stakes in Nippon Paint, which will use the capital to buy out their joint ventures in the Asia Pacific. Nippon Paint will also be taking over Wuthelam’s Indonesian business for S$2.7 billion.

Goh, who derives his fortune from a majority stake in Nippon Paint holdings will see his stake rise to 58.7 per cent in the Japanese firm, from 39 per cent. This is reportedly one of the biggest transactions in Asia for 2020.

The billionaire built his fortune in the early years of Singapore’s independence when he became the main distributor for Nippon Paint in 1962.

Goh Has A Net Worth Of US$18.7B

Currently, Goh remains Singapore’s third-richest man, with a total net worth of US$18.7 billion.

He is the founder of Nippon Paint Southeast Asia (NIPSEA), which has a market value of US$11.8 billion and operates across 16 countries and regions.

The company is a joint venture between Wuthelam, the Goh family’s investment company and Nippon Paint.

To date, the Goh family’s total fortune has reportedly jumped from US$9.5 billion in 2019 to US$14.8 billion in 2020.

The growth may be a product of Nippon Paint’s massive expansion in 2019, when it acquired DuluxGroup, Australia’s largest paint manufacturer, for US$2.7 billion and Turkey’s Betek Boya for US$247 million.

Nippon Paint Holdings has been “shopping for large acquisitions” since 2019, in a bid to expand outside japan as the largest coatings makers race to consolidate their businesses in a bid to take over the market.

Featured Image Credit: billionairemonitor / reuters

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)