Royal Golden Eagle to build Chinese fibre plant for $1.5 billion
By Yantoultra Ngui
SINGAPORE, April 24 (Reuters) -The Royal Golden Eagle (RGE) conglomerate said it has agreed to build a textile fibre plant in Jining city in China's Shandong province, investing 11 billion yuan ($1.5 billion).
The plant would make lyocell - an eco-friendly plant-based fibre - and have an annual production capacity of 600,000 tonnes, the Dazhong Daily reported.
Founded by Indonesian billionaire Sukanto Tanoto in 1973, Singapore-headquartered RGE has businesses that span paper, pulp and energy. The conglomerate has more than $35 billion in assets and 70,000 employees, according to its websites.
RGE made an offer in December to acquire Hong Kong tissue and diaper producer Vinda International 3331.HK for HK$26.1 billion ($3.3 billion).
($1 = 7.2455 Chinese yuan)
($1 = 7.8339 Hong Kong dollars)
Reporting by Yantoultra Ngui; Editing by Edwina Gibbs
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