Singapore paint tycoon Goh Cheng Liang has increased his company s fortune by US$8 billion (S$10.7 billion) after it gained control of Japan s biggest paint maker, Nippon Paints Holdings.
Goh is the founder of Wuthelam Holdings, a paint and coatings maker. It is currently run by his son, Goh Hup Jin.
According to
Bloomberg, Wuthelam Holdings is now worth US$24 billion (S$32.1 billion).
The Gohs now have a 58 per cent stake in Nippon Paint Holdings. The deal, which was valued at US$12 billion (S$16 billion), was completed in January 2021.
Previously, Wuthelam Holdings and Nippon Paint operated joint ventures in several countries, including China, India, Malaysia, Singapore, South Korea and Thailand.