South Korea's hygiene products company Monalisa and Ssangyong C&B, known for its toilet paper brand Codi, will be sold to Indonesia's paper company APP for 400 billion won ($292 million).
Morgan Stanley Private Equity (MS PE), which purchased the two companies for 250 billion won in 2014, has recovered its investment after about ten years.
MS PE announced on Tuesday that it had signed a stock purchase agreement (SPA) with APP to sell a 100% stake in MSS Holdings, the major shareholder of Monalisa and Ssangyong C&B.
Citi Global Market Securities acted as the selling agent for MS PE in the transaction.
MS PE has held 50.99% of the shares in the publicly traded company Monalisa and 100% of the shares in the non-listed company Ssangyong C&B through a special purpose company (SPC), MSS Holdings.
Since acquiring Monalisa and Ssangyong C&B in 2014, MS PE had repeatedly failed to sell them. With this successful sale, MS PE has recovered its investment after about 10 years.
APP, founded in 1972, sells a variety of paper products including pulp, tissue, and packaging in over 150 countries.
Write to Jun-Ho Cha at
chacha@hankyung.com
