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UPP to acquire shares and notes in Taiga Building Products

Gwyneth Yeo Published on Wed, Oct 05, 2016 / 8:38 PM GMT+8

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SINGAPORE (Oct 5): UPP Holdings has entered into an agreement to acquire shares and notes in Taiga Building Products from Berjaya Corporation and its unit, Berjaya Forest Products, as well as shares in Taiga from an entity linked to UPP director Tong Kooi Ong.

UPP said in a filing to the Singapore Exchange that it will acquire the 39.09% stake in the capital of Taiga, or 12.7 million shares, held by Berjaya Forest for C$12.7 million ($13.2 million).

At the same time, the group will acquire Berjaya’s C$46 million worth of 14% unsecured subordinated notes issued by Taiga, or 35.71% of outstanding notes, for C$52.9 million.