TOKYO (CNA) – Singapore’s Wuthelam Group will take majority control of Nippon Paint Holdings, spending JPY1.19 trillion (SGD15.6 billion) to raise its stake to just under 60 per cent from 39 per cent now, the Japanese company said in a statement yesterday.
Wuthelam will become a majority shareholder through the deal, which is one of Asia’s largest cross-border transactions in 2020.
Nippon Paint said they first began collaborating with Wuthelam Group in 1962 when it was appointed as its sales agent for the Asia region.
This was later followed by joint ventures with the Wuthelam Group in Thailand, Malaysia, China and other Asian countries.
Despite this close collaboration in a wide range of other business areas for almost 60 years, Nippon Paint said in a statement yesterday that more ambitious moves are necessary for it to enhance its financial base for future growth.