Indonesia’s Asia Pulp & Paper (APP) has signed a contract to acquire South Korean tissue manufacturers Mona Lisa, Ssangyong C&B and MSS Global from Morgan Stanley Private Equity (MSPE), in a move said to be worth 400bn won ($292m).
MSPE Asia purchased two of the companies for 250bn won in 2013.
It has now announced an agreement with APP to sell a 100% stake in MSS Holdings, the major shareholder of Monalisa and Ssangyong C&B. The deal is yet to be finalised.
The tissue manufacturers produce toilet paper brands including Mona Lisa and CODI.
