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갤러리 글 내용의 요약정보..
Hansol Paper sells off stake in Pan Asia Paper for $350 mil.
Write 한솔제지 Date 2018-07-06

Hansol Paper Co., Korea's largest paper company, said yesterday it has sold off its 33.3 percent stake, totaling 200,000 shares, in Pan Asia Paper Co., a Singapore-based newsprint venture, to foreign companies for $350 million, less than it had hoped to receive for the sale.

Hansol Paper said last week that it planned to raise $500 million from the sale of its stake to Pan Asia's two other major shareholders - Abitibi Consolidated Inc. of Canada and Norske Skog of Norway.

Indebted to the tune of 1.9 trillion won as of the end of March, Hansol Paper needs more cash to pay back loans due soon.

The proceeds of the stake sales are to be wired into Hansol Paper's account by July, and will be used for debt payments, the company said in a public disclosure.

"The company's debt ratio should then be lowered to below 100 percent," said, Cha Dong-cheon, president of Hansol Paper Co, adding that net debt ratio could fall to below 80 percent.

Hansol Paper could receive an additional $10 million from the two foreign companies, he added.

"We have to continue to sell assets and make efforts to restructure our business to resolve its debt problems," Cha said, adding that sales of other securities, including a stake in SK Telecom, would be also made.

The company expects its sales in 2005 to amount to 2 trillion won.

Meanwhile, Pan Asia Paper, Asia's biggest newsprint paper manufacturer, has two factories in Korea. With Hansol's divestiture of its stake in Pan Asia, 80 percent of the domestic newsprint paper market is under the control of foreign companies.

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