Press ReleasesNippon Paper Industries to Transfer Shares of YFY CAYMAN CO., LTD.
(Paperboard and Containerboard Business of YFY Group, Taiwan)
Nippon Paper Industries Co., Ltd.
Nippon Paper Industries Co., Ltd. ("the Company"; President: Yoshio Haga) announces that a meeting of its Board of Directors held on June 27, 2013 resolved to sell the shares that the Company had acquired and holds in YFY CAYMAN CO., LTD. on the basis of a strategic business alliance with YFY INC. (*1) (date of agreement for transfer of shares: June 28, 2013; effective date: July 1, 2013).
The Company acquired the shares of YFY CAYMAN CO., LTD. in March 2010. YFY CAYMAN CO., LTD. was then planning to list its shares on overseas stock markets for the purpose of business expansion. However, due to the decline in the global stock market, both parties made the decision that it would be difficult to achieve the listing within the initially planned time period, and dissolved its capital alliance.
Going forward, the Company will continue to maintain its collaborative relationship with YFY INC., Taiwan's largest paper manufacturing group.
|Shares to be transferred;||63,068,342 shares of stock of YFY CAYMAN CO., LTD.
(the Company's contribution percentage: 20.35%)
|Transferee;||YFY INTERNATIONAL BVI CORP. (*2)|
|Transfer price;||115 million US dollars|
(For reference) Alliance with YFY INC.
- *1YFY INC. is Taiwan's largest paper manufacturing group.
(In 2012, Yuen Foong Yu Paper Mfg. Co. Ltd. changed its name to YFY INC.)
- *2YFY INTERNATIONAL BVI CORP. is a holding company that undertakes foreign investment for YFY INC.