Royal Golden Eagle to build Chinese fibre plant for $1.5 billion

Vinda International Holdings

24/04/2024 07:04

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)
 ((Yantoultra.Ngui@thomsonreuters.com;))