Thailand's SCG Packaging buys $652 mln stake in Indonesia's Fajar Surya
Updates with further details and background
Aug 30 (Reuters) -Thailand-based SCG Packaging SCGP.BK has acquired an additional stake worth $652.4 million in Indonesian packaging paper maker Fajar Surya, increasing its ownership in the company to99.7% in a move to expand its operations in southeastAsia.
SCG Packaging, a subsidiary of 107-year-old conglomerate Siam Cement SCC.BK, said on Fridayit had purchased anadditional 44.48% in Fajar Surya from PT Intercipta Sempana, lifting its total stake from55.24%.
Indonesia has emerged as one of the primary hubs for domestic consumption, reflecting its huge population, young demographic and increasing foreign investment.
Fajar was established in 1988 and offersproducts such as kraft liner board and corrugated medium paper for carton-box packaging.
The company reported revenues of 12,545 billion rupiah ($811.97 million) in 2023.
($1 = 15,450.0000 rupiah)
Reporting by Rishav Chatterjee in Bengaluru; Editing by Shreya Biswas
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