Wuthelam: To hold 55% of Nippon Paint HD shares: About 1.3 trillion yen-Capital increase
-Nippon Paint to acquire joint venture with Wuthelam, Indonesia business, etc.-
August 21, 2020
Wuthelam:
Wuthelam has long been in partnership with Nippon Paint and became the largest shareholder in 2014.
Nippon Paint Holdings (HD):
This time, it announced that it will carry out a third-party allocation of shares to the Wuthelam Group, which is the largest shareholder in Singapore Paint and Nippon Paint, the largest shareholder.
As a result, Wuthelam holds 55.1% of Nippon Paint HD stock
The consideration is about 1,290 billion yen.
Extraordinary report:
An extraordinary report submitted by Nippon Paint HD to the Kanto Finance Bureau on the 21st.
Wuthelam plans to increase its stake from the current 39% on January 1, 2021, underwriting Nippon Paint’s third-party allotment.
Nippon Paint HD will also acquire the joint venture between the two companies, as well as the Indonesia business owned by Wuthelam.
The joint venture will be about 1,500 billion yen, and the Indonesian business will be about 235.5 billion yen.
Bloomberg
https://www.bloomberg.co.jp/news/articles/2020-08-21/QFEC70T1UM0Z01
Operates with Nippon Paint and Wuthelam Group
Acquired additional stake in joint venture in Asia
Acquired equity interest in Indonesia business (making it a subsidiary),
Issuance of new shares through third-party allotment
Notice regarding change in parent company
https://www.nipponpaint-holdings.com/ir/document/pdf/news_japanese_20200821_5f3f478200aa7.pdf
Nippon Paint signs deal of $12.18 billion with Wuthelam Group, later raises stake to 60%