FILE PHOTO: A Nippon Paint Holdings signboard is pictured at its office in Tokyo, Japan, November 22,2017. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO: Nippon Paint Holdings Co Ltd on Friday said it will sell 1.185 trillion yen ($11.2 billion) worth of shares to Singapore's Wuthelam Group, whose stake in the Japanese company will then rise to just under 60% from 39%.
Nippon Paint said it will use the funds raised as well as 100 billion yen in cash to buy out Wuthelam from their Asian joint ventures in countries including China, Malaysia and Thailand, as well as acquire Wuthelam's wholly owned business in Indonesia, in a 1.285 trillion yen deal.
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