Singapore paint tycoon Goh Cheng Liang has increased his company's fortune by US$8 billion (S$10.7 billion) after it gained control of Japan's biggest paint maker, Nippon Paints Holdings.

Goh is the founder of Wuthelam Holdings, a paint and coatings maker. It is currently run by his son, Goh Hup Jin.

According to Bloomberg, Wuthelam Holdings is now worth US$24 billion (S$32.1 billion).

The Gohs now have a 58 per cent stake in Nippon Paint Holdings. The deal, which was valued at US$12 billion (S$16 billion), was completed in January 2021.

Previously, Wuthelam Holdings and Nippon Paint operated joint ventures in several countries, including China, India, Malaysia, Singapore, South Korea and Thailand.

Under the deal, Nippon Paint bought back all the joint ventures in the above countries and took over Wuthelam Holding's Indonesia business. In return, Wuthelam Holdings increased its stake in Nippon Paint Holdings to 58 per cent.

Goh and Nippon Paint said that the decision to unify their businesses was done with the aim of "making more ambitious moves" to grow and deliver shareholder returns.

According to the Bloomberg Billionaire Index, Goh was Singapore's richest man last year.

However, he has been overtaken by Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronic. Li was born in China but has since become a Singapore citizen.

Top images via Forbes, Nippon Paint.