Paper giant [Vinda] officially delisted from the Hong Kong Stock Exchange

    On August 16, paper industry giant Vinda International officially delisted, ending its more than 17-year listing status in Hong Kong.

    Previously, Vinda International was offered a takeover bid by Isola Castle Ltd, a subsidiary of Asia Pacific Resources Group (APRIL) under Indonesian tycoon Sukanto Tanoto, at an offer price of HK$23.50 per share, involving approximately 1.1107 billion shares, with a total cost of HK$26.1 billion.

    According to the previous announcement, the offeror has received valid acceptances of no less than 90% of the offer shares. In accordance with Section 88 of the Companies Law and Rule 2.11 of the Takeover Code, the offeror compulsorily acquired the remaining offer shares on the same terms as the offer (HK$23.50 per offer share). On July 9, 2024, the offeror sent a compulsory acquisition notice to all shareholders holding the remaining offer shares.

    On August 15, 2024, the compulsory acquisition was completed and all remaining offer shares were transferred to the offeror. The total amount of the Compulsory Acquisition Consideration payable to the Remaining Offer Shareholders has been paid by the Offeror to Vinda International, which holds such amount in a separate bank account on trust for the Remaining Offer Shareholders until all Remaining Offer Shareholders have been paid the Compulsory Acquisition Consideration or six years have passed from the Completion Date of the Compulsory Acquisition (whichever is earlier).

    APRIL Group, a member of the Singapore Golden Eagle Group, is one of the world's largest, most technologically advanced and most efficient pulp and paper products manufacturers, currently directly employing approximately 9,000 employees. APRIL is wholly owned by Fiduco Trust Management PTC, which is the trustee of a discretionary trust established by Sukanto Tanoto (as the grantor), whose beneficiaries are Sukanto Tanoto's immediate family members.

    Vinda International was listed on the Main Board of the Hong Kong Stock Exchange on July 10, 2007, raising approximately HK$1.272 billion at the time.

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