The Nordic paper, packaging and forests company Stora Enso has sold out its majority shareholding in an Indonesian plantation owned by PT Finnantara Intiga.
The buyer of the plantation, located in West Kalimantan, is Global Forest Ltd. Finnantara’s commercial area is approximately 35 000 hectares and the concession area 299 700 hectares.
The book value of the plantation is USD 26 million.
The decision to divest the interest in the Finnantara plantation is in line with the Finnish-Swedish Group’s strategy of releasing capital in order to develop its core businesses.
Finnantara plantation’s strategic importance to Stora Enso has decreased since the decisions were taken to build the Veracel pulp mill in Brazil and to start establishing plantations in Guangxi in southern China.
The Group will continue to ensure long-term access to the most competitive fibre from socially and environmentally sustainable sources.
After selling Finnantara, Stora Enso owns plantations in Brazil, Portugal, China and Thailand.
