Companies

China's CITIC Capital buys Tokyo box maker

(Agencies)
Updated: 2010-08-13 16:02

Chinese State-run investment company CITIC Group has acquired a majority stake in Tokyo-based cardboard maker Tri-Wall KK, the Nikkei business daily reported without citing sources.

CITIC's private-equity arm CITIC Capital Partners paid several billion yen for shares held by Tri-Wall investors. It plans to back Tri-Wall's expansion and aims at listing the box maker's stock in Hong Kong in a few years, the paper said.

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Tri-Wall does most of its business in heavy-duty cardboard in Asia outside of Japan with the region making up 75 percent of its sales, the daily added.

Nikkei said Tri-Wall welcomed CITIC Capital Partners as a majority investor, partly due to its interest in a Hong Kong listing.

CITIC Capital Partners set up shop in Japan in 2004 and has investments in tableware maker Narumi China Corp, canned-coffee vendor Pokka Corp and Higashiyama Film Co, among others, the business daily said. ($1?= 85.9354 yen)