Singapore's Wuthelam increases Nippon Paint stake in US$12 bil deal

Japan's top paint maker 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.

TOKYO: Nippon Paint Holdings Co Ltd on Friday said it inked a deal worth 1.285 trillion yen ($12.18 billion) with Singapore's Wuthelam Group, whose stake in the Japanese company will rise to just under 60% from 39%.

Following the announcement of one of the biggest transactions in Asia this year, shares of Nippon Paint closed up 6.5% in a near-flat broader market.