Monalisa, Ssangyong C&B sold to Indonesia's APP
MSS Holdings sells 100% stake in Monalisa and Ssangyong C&B; MS PE recovers investment after 10 years
By Jun 05, 2024 (Gmt+09:00)
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South Korea's hygiene products company Monalisa and Ssangyong C&B, known for its toilet paper brand Codi, will be sold to Indonesia's paper company APP for 400 billion won ($292 million).
MS PE announced on Tuesday that it had signed a stock purchase agreement (SPA) with APP to sell a 100% stake in MSS Holdings, the major shareholder of Monalisa and Ssangyong C&B.
Citi Global Market Securities acted as the selling agent for MS PE in the transaction.
MS PE has held 50.99% of the shares in the publicly traded company Monalisa and 100% of the shares in the non-listed company Ssangyong C&B through a special purpose company (SPC), MSS Holdings.
Since acquiring Monalisa and Ssangyong C&B in 2014, MS PE had repeatedly failed to sell them. With this successful sale, MS PE has recovered its investment after about 10 years.
APP, founded in 1972, sells a variety of paper products including pulp, tissue, and packaging in over 150 countries.
Write to Jun-Ho Cha at chacha@hankyung.com
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