Goh Cheng Liang, the founder of Wuthelam Holdings, controlling shareholder of Tokyo-listed Nippon Paint and philanthropist, has died aged 98. The news was confirmed by a statement issued by Wuthelam on Aug 12.
Goh, who was born in 1927, is one of Singapore’s most low-profile but richest tycoons. According to Forbes’ 2025 list, Goh is ranked the 182nd richest person in the world with a net worth of around US$13 billion. In 2024, Goh placed fifth on the Singapore list with a net worth of US$10.4 billion. Facebook’s Eduardo Saverin, Far East Organization’s Robert and Philip Ng, Mindray’s co-founder Li Xiting and Hong Leong’s Kwek Leng Beng and family, who came in first to fourth, respectively.
Goh had begun his foray into the paint business in 1955 and became the main distributor for Nippon Paint in 1962. He then established Wuthelam Holdings, a paint and coatings maker, in 1974.
Beyond paint, Wuthelam Holdings ventured into other fields as diverse as trading, food manufacturing, logistics, as well as real estate. Goh was behind developments such as the former Liang Court in Clarke Quay, the mall's former anchor tenant, Daimaru, and even Mount Elizabeth Hospital. One of his notable businesses was electronics contract manufacturer Omni Industries, which was run by Koh Boon Hwee, now chairman of the Singapore Exchange (SGX). Koh, who was also known to have held other prominent positions such as chairman of Singapore Telecommunications (Singtel), Singapore Airlines (SIA) and DBS Group Holdings, had helepd build Omni Industries into a firm with over 9,000 employees. Omni Industries was sold to Canada's Celestica Inc for US$890 million in 2001.
In an August 2015 article in The Edge Singapore, the Goh family was narrowing its focus back to paints with the decision made partly due to the strain they faced managing their weakness businesses during the Asian Financial Crisis, says Goh's son, Hup Jin. Using the analogy of flying across the Pacific Ocean in a four-engine aircraft versus a plane with two engines during an interview in 2012, he said, “These days, two-engine planes are [enough]. You may think four engines provide more safety, but, at the same time, four engines mean more opportunities to break down.” He added, “I can name a million things bigger than paint. If I think that we should do paint only, that’s because this is the only thing we do well.”
In August 2020, the Gohs acquired more shares in Nippon Paint for 1.29 trillion yen ($16.69 billion at the time), bringing their stake up to just under 60%, up from 39% previously. The deal was concluded by the younger Goh, who was appointed Nippon Paint’s chairman in 2018.
See also: Hong Kong billionaire developer Lee Shau-Kee dies at 97
As at Sept 25, 2024, Nippon Paint is ISOTeam's seventh-largest shareholder with 15.9 million shares representing a 2.28% stake. Catalist-listed ISOTeam is the exclusive paint applicator for Nippon Paint Singapore, states the company's annual report for the FY2024 ended June 30.
