March 10, 2009 - China's Sun Paper will set up a joint venture in Vietnam with a local property firm, with Sun Paper owning 95% of the new company, according to its filing to the Shenzhen Stock Exchange on March 7.

The JV will invest a total of US$15 million to build a 200,000 tpy timber processing plant and construct a port (wharf) with an annual throughput capacity of 2 million tons, which will be used to import bulk timber.

The JV will focus primarily on timber acquisition, processing and marketing.

Sun Paper Group is a major producer of paper and board in China, with a combined production capacity of 1,500,000 metric ton per year. The Group consists of three companies: Shandong Sun Paper Co., Shandong International Paper & Sun Coated Paperboard Co., and International Paper & Sun Cartonboard Co.

SOURCE: Vietnam Finance News