Thailand-based SCG Packaging has acquired an additional stake worth $652.4 million in Indonesian packaging paper maker Fajar Surya, increasing its ownership in the company to 99.7% in a move to expand its operations in Southeast Asia.
SCG Packaging, a subsidiary of 107-year-old conglomerate Siam Cement, said on Friday it had purchased an additional 44.48% in Fajar Surya from PT Intercipta Sempana, lifting its total stake from 55.24%.
Indonesia has emerged as one of the primary hubs for domestic consumption, reflecting its huge population, young demographic and increasing foreign investment.
Fajar was established in 1988 and offers products such as kraft liner board and corrugated medium paper for carton-box packaging.
The company reported revenues of 12,545 billion rupiah ($811.97 million) in 2023.
Reuters
