Prince Holdings Co., Ltd. started to promote the buyback of its own shares of the merged subsidiary Nippon pulp Resources Development Co., Ltd. since last year, and recently acquired all the shares held by Itochu Co., Ltd., another shareholder of the company. Since then, except for the shares held by our group company, all the company’s own shares have been fully repurchased.
Nippon pulp Resource Development Co., Ltd. was founded in 1971 by 11 Japanese pulp and paper mills and Itochu Co., Ltd. for the purpose of producing pulp from Eucalyptus Plantations in Brazil. In 1973, Celulose nipo Brasileira S.A. (hereinafter referred to as CNB) was established in Minas Gerais state together with Rio Doce, a state-controlled company in Brazil. In 2001, Nippon pulp Resources Development Co., Ltd. acquired all the shares of CNB from Rio Doce, making CNB a wholly-owned subsidiary.
On September 30, 2020, niber pulp Resources Development Co., Ltd. and Itochu Corporation signed a share repurchase agreement, intending to acquire all the company’s own shares held by them. Since then, the company began to go through the procedures of share transfer and obtained all the shares held by the company on May 13, 2021.
CNB currently holds 146000 hectares of Eucalyptus plantation, with an annual output of 1.2 million tons of hardwood pulp. It is the main company supporting the overseas pulp business strategy of our group company, and is expected to continue to contribute to the group company’s revenue in the future. We will also make good use of the company’s 100% voting rights, flexibly promote business operation and further expand business.
Post time: Jun-07-2021