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１【Reason for Filing the Extraordinary Report】 As the following matters were resolved at the 198th Annual General Meeting of Shareholders of. | March 29, 2023
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Goh Hup Jin, son of Singapore pigment patriarch Goh Cheng Liang has been trying for ten years to get control of Nippon Paint Holdings Co., the largest paint company in Japan. Now, Bloomberg reports that he s finally succeeded in closing a deal between his own family business – Wuthelam Holdings Pte. – and Nippon Paint, and enriched his family fortune in the process.
The deal was for $12 billion, and it brought the Goh family fortune from $16 billion (before the merger was made public) to $24 billion. In a way, it represents the culmination of a life s work for Goh that goes all the way back to 1949, when a 21-year-old Goh purchased a few barrels of paint that was being sold at a British army surplus auction. Soon after, he began selling the paints under Pigeon, the brand name he developed for that purpose.