Nippon Paint to Become Unit of Wuthelam
Tokyo, Aug. 21 (Jiji Press)--Nippon Paint Holdings Co. <4612> said Friday that it will become a subsidiary of Singaporean paint maker Wuthelam, already the top shareholder of the Japanese company.
Wuthelam will acquire new Nippon Paint shares worth 1.2 trillion yen to raise its stake in the Japanese company to nearly 60 pct from the current 39 pct.
Under the umbrella of Wuthelam, Nippon Paint will aim to expand its operations in Asia, a region with growth potential.
Nippon Paint is expected to remain listed on the Tokyo Stock Exchange.
The company plans to use the proceeds to acquire almost all shares in multiple joint companies with Wuthelam in Asia in a bid to consolidate the group's paint operations to Nippon Paint.
[Copyright The Jiji Press, Ltd.]