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2002-12-6 10:19:00 a.m. HKT, XFNA
Samson Paper seeks to buy another papermaking firm, expand China ops
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HONG KONG (AFX-ASIA) - Samson Paper Holdings Ltd (731.HK) said it is
seeking to acquire another papermaking firm after buying a 19 pct stake in
Singapore-listed United Pulp and Paper Ltd (UO9.SG), the Hong Kong Economic
Journal reported, citing Samson Paper chairman Sham Kit Ying.
He said the company will also expand its business in China, with the aim
of boosting its mainland operations to account for 50 pct of total sales in
two years against the current 29 pct.
Sham said the company is also seeking to expand into the paper production
business which has a higher profit margin. At present, the company
concentrates on the paper trading business.
Yesterday, the company reported that its net profit in the six months to
September rose 161 pct to 26.341 mln hkd from 10.108 mln a year earlier.
wilfred.lee@afxnews.com
wl/zr
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