Stora Enso has signed an agreement to divest its shares in Advance Agro
HELSINKI 8/17/2005 10:00 PM GMT (TransWorldNews)
Stora Enso has signed an agreement to divest its 18.8% ownership of Advance Agro Public Company Limited of Thailand to private investors based in Hong Kong for USD 80 (EUR 65) million. The transaction is structured with instalment payments, the last of which is expected to be received not later than the third quarter of 2006.
Enso Oyj acquired the minority shareholding in Advance Agro in 1998 in order to develop business in Thailand. Since then the emphasis in Stora Enso's fibre strategy has shifted to South America and China, which the company has identified as two of the three main emerging strategy areas, the third being Russia.
Singapore-based Imprimis (Singapore) Pte Ltd was Stora Enso's advisor in the placement of the shares.
For further information, please contact:
Esko Mäkeläinen, CFO, tel. +44 20 7016 3115
Kari Vainio, Executive Vice President, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, Senior Vice President, Investor Relations, tel. +44 20 7016 3146
Ulla Paajanen-Sainio, Vice President, Investor Relations and Financial Communications,
tel. +358 2046 21242