Ballarpur to acquire 97.8% stake of SFI
Ballarpur Industries Ltd has decided to acquire a 97.8 per cent stake in Malaysia-based Sabah Forest Industries (SFI) for $261 million.
By PTI |
MUMBAI: Ballarpur Industries Ltd has decided to acquire a 97.8 per cent stake in Malaysia-based Sabah Forest Industries (SFI) for $261 million.
The company signed a conditional agreement on Sunday for acquiring the 97.8 per cent equity of SFI either directly or through its affiliates, subject to necessary approvals; it informed the Bombay Stock Exchange.
The acquisition is proposed to be done jointly with J P Morgan, which would purchase a 20 per cent stake in SFI with the balance being acquired by Ballarpur. The consideration of $261 million would be paid over a period of 18 months.
SFI, which operates Malaysia's largest integrated paper and pulp mill, has a paper capacity of 1,44,000 MTPA and a pulp capacity of 1,20,000 MTPA.
The shares of Ballarpur Industries were trading at Rs 121.90, up 2.57 per cent at the BSE.
The company signed a conditional agreement on Sunday for acquiring the 97.8 per cent equity of SFI either directly or through its affiliates, subject to necessary approvals; it informed the Bombay Stock Exchange.
The acquisition is proposed to be done jointly with J P Morgan, which would purchase a 20 per cent stake in SFI with the balance being acquired by Ballarpur. The consideration of $261 million would be paid over a period of 18 months.
SFI, which operates Malaysia's largest integrated paper and pulp mill, has a paper capacity of 1,44,000 MTPA and a pulp capacity of 1,20,000 MTPA.
The shares of Ballarpur Industries were trading at Rs 121.90, up 2.57 per cent at the BSE.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
