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Stake deal aims to explore prospects
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Swedish paper and hygiene product maker SCA Group Holding BV will buy the remaining shares in Hong Hong-listed tissue maker Vinda International Holdings for HK$8.65 billion (US$1.12 billion) to strengthen its position in the tissue paper market.
“Becoming a majority shareholder is also an important step to allow SCA to explore potential opportunities to create value such as sharing or entering into licensing arrangements with Vinda,” according to joint statement to the Hong Kong Stock Exchange yesterday.
SCA, which already owns 21.68 percent of Vinda through an investment in 2007, offered to pay HK$11 per share for the remaining shares in Vinda, about 35 percent higher than the average closing price in the past 30 days.
“Vinda is a strong player in the Chinese tissue market and has demonstrated healthy growth and profitability and we see the potential to further strengthen the company to ensure its future competitiveness,” Jan Johansson, president and CEO of SCA, said in the statement.
SCA said Vinda will remain listed and the latter will operate as a subsidiary of the Swedish company after the completion of the deal expected in the fourth quarter this year.
China’s tissue paper sales may climb 17.6 percent to 22.7 billion yuan this year, according to market research firm Euromonitor International.
Vinda’s revenue was US$750 million last year, up 26 percent annually.
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