The shares were sold to Lee & Man Paper Chairman Lee Man Chun Raymond and CEO Lee Man Bun for a total consideration of HK$1.27 billion. Nippon Paper remains a shareholder of the company with an 8.62% stake in Lee & Man Paper.

In connection with the reduction of Nippon Paper’s stake in Lee & Man Paper, a shareholders agreement entered into in June 2010 between Nippon Paper and Gold Best, a wholly-owned subsidiary of Lee & Man Paper, has been terminated, together with any formal business collaboration agreements involving Lee & Man Paper.

The Appleby team was led by Judy Lee, a corporate partner in Appleby’s Hong Kong office, assisted by Associate Maggie Kwok. Linklaters was the onshore legal adviser to Nippon Papers.

Nippon Paper Group is one of the largest pulp and paper manufacturers in Japan with a diverse range of products, including paper, paperboard, household paper products, and specialty and high-performance products.

For further information please contact Queenie Ngan.

Twitter LinkedIn Email Save as PDF
More Deals
7 Sep 2022 | Deals

Appleby’s Hong Kong office advises Graphex Group limited on its USD 11.7 million listing on the NYSE American LLC stock exchange market

On 26 August 2022, Graphex Group’s underwriters have exercised their over-allotment option to purc...

Contributors: Connie Wu
17 Aug 2022 | Deals

Appleby’s Hong Kong office advises WEIli Holdings Limited on its HKD126 million listing on the Main Board of the Hong Kong Stock Exchange

WEIli is a PRC-based cigarette packaging paper manufacturer with research and development capabiliti...

Contributors: Connie Wu
20 May 2022 | Deals

Appleby advises Artisan Acquisition Corp. on its de-SPAC Business Combination with Prenetics Group Limited

Appleby is pleased to have acted as Cayman Islands legal counsel to Artisan Acquisition Corp. on its...

3 Feb 2022 | Deals

Appleby Assists Leading Power and Energy Group Zola on USD 90 Million Funding

Leading offshore law firm Appleby has assisted the leading power and energy group ZOLA on its US$ 90...

11 Jan 2022 | Deals

Appleby advises China Post on USD128 million investment in ULE Holdings

The Hong Kong team was led by managing partner David Bulley and partner Vincent Chan.

Contributors: Vincent Chan
9 Dec 2021 | Deals

Appleby acts as BVI counsel to GIC in a joint USD1 billion investment in Envision Energy

One of the world’s largest net-zero investments to date.