Goh Hoop Jin, the son of Singapore’s Chancellor Goh Cheng Liang, has been trying for ten years to gain control of Japan’s largest paint company Nippon Paint Holdings Company. Now, Bloomberg reports that he has finally succeeded in closing a deal between his own family business – Wuthmail Holdings Pte. – and Nippon Paint, and in the process enriched his family’s fortune.
The deal was for $ 12 billion, and brought the fate of the Goh family from $ 16 billion (made public before the merger) to $ 24 billion. In a way, it represents the culmination of a life of work for Goh that goes back to 1949, when a 21-year-old Goh bought some barrel paint that was being sold at a surplus auction by the British Army. Soon after, he began selling paints under Pidgeon, the brand name he developed for the purpose.
Their business partnership with Nippon Paint Holdings goes almost as far. It began in the 1950s, when Goh started a shop selling paints under the Pigeon brand and managed to become the primary distributor of Japanese company’s merchandise in Singapore. The partnership continued to develop over the coming decades, and the recent final corporate takeover led to a significant boom in the stock market for the company. Goh Hoop Jin reportedly took over the family business for some time in the 1980s, and was looking at the possibility of a full takeover of Nippon Paint at least since 2012, a deal that took almost ten years. Made the fruits of trade negotiations.
Surge, who returned in November of last year, added Goh to the richest family in Singapore, but the company has since seen its stock go back to sea level.