Aug 04, 2005. /Lesprom Network/. Spanish savings bank Caixa Galicia has cut its stake in local pulp and paper company Empresa Nacional de Celulosa SA (ENCE) from 17.69% to 16.9% for an undisclosed sum, data of the Spanish stock market regulator CNMV showed. Caixa Galicia remains the largest ENCE shareholder after the operation, followed by Spanish holding company Alcor Holding with 10.01% and local commercial bank Bankinter with a 6.5% stake. Ence main shareholders include also Spanish savings bank Cajasur and local investment company Atalaya Inversiones. In January 2005, Alcor Holding bought a 6.5% stake in ENCE, held by local commercial bank Banco Zaragozano, controlled by UK banking group Barclays. Portuguese paper maker Portucel also sold its 8.0% stake in ENCE in January 2005. ENCE is an Iberian and American integral wood-transforming forest company. Within the European macro-sector of forest-based industries, ENCE's business is developed following the parameters of environmental sustainability and the maximum ecological performance for its products. ENCE is the number one owner of eucalypt timberland in Europe as well as being the leading producer in Europe and number two in the world of eucalyptus-based pulp.