Pacrim International Capital Inc.
Pacrim International Capital Inc., through its wholly owned subsidiary Pacrim Developments Inc. (PDI), is a developer, owner and manager of real estate, hotels and restaurants
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Pacrim International develops strategic partnership with Dynapac to boost Chinese packaging operation
Pacrim International Capital Inc (TSX:PCN) has announced the disposal of 14 percent of the total equity in Wah Sang Paper Products Co. Ltd.
Pacrim International Capital, a diverse real estate company with several interests in China, controlled 100 percent of the Equity Wah Seng Paper Product's prior to the agreement.
Dynapac (TSE:3947) acquired 23m shares in Wah Seng Paper, Dynapac previously a commercial creditor to Wah Sang Paper received the 14% stake from Pacrim International Capital in a deal which represents the conversion of an outstanding loan of $40m (HKD).
Pacrim International Capital maintain control of Wah Seng indirectly holding 75% equity following the deal with Dynapac and several smaller transactions.
Wah Seng Paper Products, a corrugated packaging company are located in Shenzhen in southern China, one of the world's largest concentrations of manufacturing of consumer electronics, office and telecommunication equipment. Wah Sang sells its high-end packaging products almost exclusively to multinational corporations which export from China
Dynapac has been a major customer of Wah Sang for over ten years. Dynapac, which is now a strategic partner for the future expansion of Wah Sang, also manufactures and sells corrugated packaging. Dynapac is a public company listed on the Tokyo Stock Exchange with operations across Asia Pacific including Japan, Hong Kong, Thailand, Philippines and Mainland China.
As shareholders, strategic partners and customers, it is anticipated Dynapac will assist in the development of Wah Sang Paper Products, developing Wah Sang's technical know-how and providing introductions to its Japanese business contacts including Japanese banks active in China.
