Nine Dragons Paper (Holdings) Ltd has confirmed it has acquired the remaining 60% of the shares in Hong Kong-based Turbo Best Holdings Ltd. Up until early July, Nine Dragons held 40% of the shares in the company. The share acquisition was valued at HK$ 100,000,000 (approx €10m).
Based in Hong Kong, Turbo Best has a corrugated plant in mainland China where it is reported that it produces about 155m sqm of corrugated packaging per year. With this acquisition, Nine Dragons it taking another step in vertically integrating its paper and corrugated production.
