Sinar Mas, RGE Fight to Penetrate China’ Market Through Vinda Shares

By Editorial Team 14/11/2023
Kayu Hutan
Summary

Asia Pulp & Paper Co (APP), a subsidiary of the Sinar Mas Group, is currently in competition with Royal Golden Energy (RGE), owned by entrepreneur Sukanto Tanoto, to acquire shares in Vinda International Holdings Ltd, a consumer goods and paper products company in China.

According to reports from Bloomberg, APP has already submitted an initial proposal to purchase Vinda shares and is in talks with lenders to finance the acquisition. "It's in talks with lenders to finance the purchase," Bloomberg's source said.

APP is offering to buy Vinda shares at a price exceeding HK$20 per share. Meanwhile, RGE, which is also involved in the pulp and paper business, is working on a potential offer for controlling ownership in Vinda.

The company has gained an advantage as the daughter of RGE's founder already holds seven percent of Vinda shares. APP and RGE must collaborate with Vinda's founder, Li Chaowang, who owns 21 percent of the shares.

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