Ballarpur Industries to sell Malaysian arm Sabah Forest for $310m

Visual from Sabah Forest's Facebook page

Ballarpur Industries, India’s largest manufacturer of writing and printing paper, has agreed to sell its Malaysian subsidiary Sabah Forest Industries for RM1.2 billion ($310 million), according to a stock exchange filing.

The National Stock Exchange of India-listed Ballarpur said, it has entered into a sale and purchase agreement (SPA) with Malaysia’s Pelangi Prestasi, a unit of Albukhary Group, owned by billionaire Syed Mokhtar Albukhary.

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