Isola Castle, an investment vehicle of Indonesian billionaire Sukanto Tanoto’s pulp and paper producer APRIL, is set to complete its HK$26 billion ($3.3 billion) takeover of Chinese tissue paper maker Vinda International Holdings. Last week, Isola Castle received about 90.40% acceptances from Vinda shareholders for its offer to buy their shares at HK$23,50 apiece, enabling the compulsory acquisition of the rest of the company’s shares. The takeover offer will close on April 2 and will not be extended.
The acquisition will enhance APRIL’s existing pulp and paper operations, which include factories in China and a plantation in Indonesia. APRIL is a part of Tanoto’s Royal Golden Eagle conglomerate, which also has interests in natural fibers, edible oils, green packaging, and energy. Belinda Tanoto, managing director of RGE and daughter of the founder, expressed excitement about the opportunity to work with the team at Vinda to create a stronger, more efficient, and sustainable business.
RGE has been expanding into the tissue business, with its unit Bracel acquiring Brazil’s OL Papeis in January 2023 and announcing a $500 million investment to build tissue paper and pulp facilities in the country in April. Tanoto, with a net worth of $3.1 billion, has also been expanding his property portfolio through Pacific Eagle Real Estate. In January, the company purchased the Wanda Reign on the Bund, a luxury hotel in Shanghai, from Chinese developer Dalian Wanda Group, known for its financial troubles.
Pacific Eagle has been making significant investments in the Singapore real estate market, such as acquiring the Tanglin Shopping Centre in Singapore’s Orchard Road shopping belt for S$868 million ($645 million) in 2022 and opening the Mondrian Duxton hotel in the central business district last year. Tanoto’s diverse business interests reflect his vision for growth and expansion across different industries, leveraging his wealth and expertise to make strategic investments for the future.
The completion of the Vinda takeover adds another successful acquisition to Tanoto’s portfolio, showcasing his ability to identify opportunities for growth and expansion. With the integration of Vinda’s tissue paper business into APRIL’s operations, the combined entity is poised to emerge as a stronger player in the industry, benefiting from synergies and operational efficiencies. Tanoto’s continued success in building and expanding his business empire reinforces his status as a prominent and influential figure in the Indonesian and global business landscape.
Overall, the ongoing expansion of Tanoto’s businesses, including the recent acquisition of Vinda International Holdings, demonstrates his commitment to growth, diversification, and sustainability. As Tanoto continues to strengthen and expand his business interests across various industries, he remains a key player in the global business arena, driving innovation, growth, and success through strategic investments and partnerships. Tanoto’s vision and leadership in navigating the complexities of the business world underscore his determination to create a lasting impact and secure a prosperous future for his conglomerate and the industries in which it operates.
