Isola Castle, an investment vehicle of Indonesian billionaire Sukanto Tanoto’s pulp and paper producer APRIL, is close to finalizing its HK$26 billion ($3.3 billion) takeover of Chinese tissue paper maker Vinda International Holdings. The acquisition was put forth in December, offering to purchase Vinda shares at HK$23.50 each. Last week, Isola Castle received acceptances from approximately 90.40% of Vinda shareholders, allowing for the compulsory acquisition of the remaining shares. The takeover offer is set to close on April 2 and will not be extended any further.
This acquisition will serve to expand the existing pulp and paper operations of APRIL, which currently has factories in China and a plantation in Indonesia. APRIL is part of Tanoto’s Royal Golden Eagle, which boasts assets totaling $35 billion, including interests in natural fibers, edible oils, green packaging, and energy. Belinda Tanoto, managing director of RGE and daughter of the group’s founder, expressed excitement about the opportunity to enhance the business in collaboration with Vinda’s team.
RGE has been actively venturing into the tissue business, evident through its subsidiary Bracel’s acquisition of Brazil’s OL Papeis in January 2023. Additionally, in April, the group announced a $500 million investment to establish new tissue paper and pulp facilities in Brazil. Tanoto, with a net worth of $3.1 billion, has also been focusing on expanding his property portfolio through Pacific Eagle Real Estate. In January, the firm acquired the Wanda Reign on the Bund, a luxurious hotel in Shanghai, from Dalian Wanda Group.
Pacific Eagle has been making strategic moves in the Singapore real estate market as well. In recent years, the company purchased the Tanglin Shopping Centre located in Singapore’s Orchard Road shopping district for S$868 million ($645 million). Furthermore, last year, Pacific Eagle opened the Mondrian Duxton hotel on the periphery of the central business district in Singapore. Tanoto’s diverse investments and acquisitions demonstrate his commitment to expanding his business interests both in the pulp and paper sector and the real estate industry.
