Nippon Paint to issue $1 bln in new shares to Wuthelam unit

TOKYO Mon Feb 3, 2014 1:58am EST

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TOKYO Feb 3 (Reuters) - Japan's Nippon Paint Co said on Monday it will issue 60 million new shares worth 102.3 billion yen ($1 billion) to Nipsea International, a wholly owned unit of unlisted Singaporean paint maker Wuthelam.

The proceeds will be used to repay loans taken out to purchase shares in various joint ventures in Asia owned by Nippon Paint and Wuthelam, the company said. ($1 = 101.9850 Japanese yen) (Reporting by Chang-Ran Kim; Editing by Edmund Klamann)

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