Japan Pulp & Paper Co., Ltd. (“the Company”) hereby announces the merger of its consolidated subsidiaries, JPP Far East (S) Pte Ltd (“JPP FE”) and Spicers Paper (Singapore) Pte Ltd (“Spicers SG”), and a change in the business name of the combined entity to OVOL Singapore Pte. Ltd. (“OVOL SG”). Furthermore, the Company hereby also announces its decision to change the business name of its Spicers Paper (Malaysia) Sdn Bhd (“Spicers ML”) consolidated subsidiary to OVOL Malaysia Sdn. Bhd. (“OVOL ML”).
１．Merger & Change of Business Names of JPP FE and Spicers SG Entities in Singapore
With the aim of strengthening its operational base, expanding its range of products, and improving its customer service throughout Southeast Asia, the Company made Spicers SG and Spicers ML, two paper wholesalers operating in Singapore and Malaysia respectively, into wholly-owned subsidiaries in December 2018, reinforcing its paper wholesaling operations in both countries.
On this occasion, the Company has combined JPP FE and Spicers SG, it’s two consolidated paper wholesaling subsidiaries in Singapore, and by hastening this unification is aiming to maximize synergies while fully utilizing the strengths of JPP FE in printing and communication papers and Spicers SG’s advantages in the packaging and digital segments. The new entity will further develop its business under the OVOL Singapore Pte. Ltd. name, which takes on the Group’s OVOL brand.
In Singapore, where demand for paper and paperboard is expected to be robust in accordance with the moderately growing national economy, the Japan Pulp & Paper Group (“the Group”) will seek to contribute to the development of the Singaporean paper market through trade in an abundance of appealing products available through the Group’s global network, combined with an operation base firmly rooted in the local economy.
（１）Overview of Merger between JPP FE and Spicers SG Entities in Singapore
・Date of Merger: Monday July 1, 2019
・Form of Merger: The merger will be an absorption-type merger with JPP FE the expiring entity and Spicers SG remaining as the surviving company.
（２）Profiles of Merging Entities (As at May 31, 2019)
|Name||Spicers Paper (Singapore) Pte Ltd||JPP Far East (S) Pte Ltd|
|Head Office||2 Corporation Road, #01-10 Corporation Place
|No.9, Third Chin Bee Road
Jurong, Singapore 618685
|Representative||Genevieve Chua Kwee Huay
|Chairman: Hiroshi Kashima
President: Shota Arai
|Main Business||Wholesaling of paper and packaging materials||Wholesaling of paper and paperboard|
|Date Established||October 17, 1984||December 16, 1969|
|The Company’s Shareholding Ratio||100％||100％|
（３）(Intended) Profile of the Post-Merger Company
|Name||OVOL Singapore Pte. Ltd.|
|Head office||2 Corporation Road, #01-10 Corporation Place, Singapore 618494|
|Representative||Chairman: Hiroshi Kashima
Managing Director: Genevieve Chua Kwee Huay
|Main Business||Wholesaling of paper, paperboard and packaging materials|
|Capital||SGD14.790 million (JPY1,172 million)|
|The Company’s Shareholding Ratio||100％|
２．Change of Business Name for Malaysian Entity Spicers ML
The business name of Spicers ML will be changed to OVOL Malaysia Sdn. Bhd. to coincide with the merger and change in business name of Spicers SG with the purpose of realizing the integrated management of the Group.
Any effects of this merger and business name changes on the Company’s consolidated results are considered insignificant.
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Japan Pulp & Paper Co., Ltd.