Goh Cheng Liang, the founder of Wuthelam Holdings, a paint and coatings manufacturer, increased his company’s wealth by S$10.7 billion after gaining control of Nippon Paints Holdings.
Wuthelam Holdings is currently being run Goh Hup Jin, his son.
At the time of writing, Wuthelam Holding is worth a whopping S$32.1 billion.
Goh now has a 58% stake in Nippon Paints Holdings, after completing the deal (worth S$16 billion) last month, January 2021.
Goh said that the decision to unify their business was to grow and make “more ambitious moves”.
Goh was Singapore’s richest man last year, but he has since been overtaken by Li Xiting, the chairman of Shenzhen Mindray Bio-Medical Electronic.
Image sources: Goh Cheng Liang Facebook, Nippon Paint Singapore Facebook