Nine Dragons Paper denies investment in a Malaysian forest project recently reported by certain media. In its announcement, the company unambiguously stated that these reports about the planned investment in the forest project are serious misstatement of the facts
According to information stated by the company, the media reports mainly had stated that it will likely enter into binding agreements soon for investing in a forest asset project located in Malaysia – Sabah Forest Industries, and currently it is only the valuation mismatch to be sorted out between the buyer and vendor. Nine Dragons Paper said that in fact, it had conducted preliminary studies and performed a simple site visit in 2016. Thereafter, there was no further negotiation and discussion on the valuation of the project.
Earlier Nine Dragons declared and approved an interim dividend of RMB 5.0 cents per share.
About Nine Dragons:
The company is a global leader in recovered paper based paper manufacturing in terms of production capacity. The company and its subsidiaries produce linerboard, high performance corrugating medium and coated duplex board. The group produces printing and writing paper in Dongguan and Taicang and packaging paperboard and specialty paper in Leshan, Sichuan Province. The group has also acquired 100% control equity interest in Hebei Yongxin Paper Co., Ltd.