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Sukanto Tanoto’s RGE seeks to acquire Hong Kong tissue maker for $3.3b
Vinda International is a hygiene products manufacturer that owns licenses for Tempo and Tork tissue.
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RGE's founder and chairman Sukanto Tanoto (Tanoto Foundation/-)
I
sola Castle, a subsidiary of pulp and paper firm Royal Golden Eagle (RGE), has announced plans to acquire Hong Kong-based tissue manufacturer Vinda International, which owns licenses for Tempo and Tork tissue as well as Libero diaper.
RGE was founded by Indonesian business magnate Sukanto Tanoto.
Isola Castle aims to acquire all the issued shares in Vinda, except for a 7.69 percent stake held by its affiliate Beaumont Capital Fund.
The company would purchase the shares at a price of HK$23.5 (US$3) per share, representing a 13.5 percent premium over the last closing price.
Vinda’s major shareholders, Sweden-based tissue maker Essity and Vinda founder Li Chaowang, with 72.63 percent ownership, have agreed to the offer. If other shareholders also accept, the total value of the transaction would be around $3.34 billion.
The deal is subject to approval by regulatory authorities in China and other relevant markets, with completion expected by the middle of next year.
Read also: Govt urged to pursue wider industrialization policy
