Japan Pulp and Paper Company Limited (“JP”) adopted a resolution formally approving acquisition of shares of PagePack (AU) Pty Ltd (“BJ Ball AU”), engaged in the import and wholesaling of paper, packaging and related products in Australia under the BJ Ball brand, and concluded a share transfer agreement under which BJ Ball AU will become a subsidiary of JP.
During the interval until the acquisition by JP of BJ Ball AU shares, BJ Ball AU will acquire as wholly owned subsidiaries PagePack (NZ) Limited, engaged in the same BJ Ball brand business in New Zealand, and K.W. Doggett & Co. Pty Ltd, which imports and sells paper and paper products in Australia.
A leading corporate group importing and selling paper and paper products in the broader Oceania region is expected to be formed as a result. When JP completes acquisition of BJ Ball AU as a subsidiary, the BJ Ball Group and Doggett Group companies will become JP subsidiaries.
Note that this share acquisition is premised on the condition of receiving all necessary approvals from authorities in each of the countries.
