Nippon Paint to Join Singapore Based Wuthelam in a JPY 1,285,139 Million Deal

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Comserve Inc.

Aug 27, 2020, 08:00 EST

Bronx, United States, Aug 27, 2020, 08:00 /Comserve / -- Japan’s largest paint maker, Nippon Paint Holdings Co., Ltd inks a deal of JPY 1,285,139 million to join Wuthelam Holdings Pte Ltd. 

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Japan, August 24, 2020: Japan’s largest paint maker, Nippon Paint Holdings Co., Ltd inks a deal of JPY 1,285,139 million to join Wuthelam Holdings Pte Ltd. The company with this deal aims to establish a leading paints and coatings company in Asia. With this deal, Wuthelam will buy out majority stakes in Nippon Paint shares. The bulk of money, according to the company, will be used to buy out their joint ventures in Asian countries such as, China, India, Malaysia, Singapore, South Korea and Thailand. According to the sources, Nippon Paint is likely to take over Wuthelam’s wholly owned business in Indonesia. 

The official press release has a mention about the consideration for acquisition of the Indonesia Business, in which JPY 100,000 million is to be paid in cash, and the rest JPY 1,185,139 million is to be dealt with by the issuance of new shares of through the Third-Party Allotment. In its press release, the company said that both the firms have collaborated closely in the paint business for about 60 years. It believes that in order to make more ambitious moves, the unification of its Asian businesses is necessary to improve its financial base. 

Nippon Paint has recently released its six months consolidated financial reports starting from January 2020. According to the reports, the revenue has increased by 10.6% as compared to the previous corresponding period. Also, the profit before tax at the end of June 2020, stands at 33,991 million yen. The overall profit has risen by 14.4%. The company has also forecasted a revenue growth of 5.5% by the year end. Witnessing these shifts in the finance reports along with both the companies’ strategic planning, more new ventures can be expected in the future.

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