OSAKA , Feb. 3 -- ( Kyodo ) _ Singapore's Wuthelam Group will double its equity stake in Nippon Paint Co. to about 30.3 percent by paying 103.3 billion yen for a private equity issue by the Japanese paint maker, Nippon Paint said Monday. Nippon Paint will use the proceeds to purchase Wuthelam-held shares in multiple joint ventures with the Singapore paint maker in countries such as China and Malaysia and make them subsidiaries. The Wuthelam Group , the largest shareholder in Nippon Paint , made a tender offer in January last year to raise its stake in the Japanese company to about 45 percent. The Singaporean group later withdrew the tender offer and launched negotiations with Nippon Paint about how best to expand their cooperation.
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