China Chengtong Holdings' total
pulp and paper capacity will reach 3.9 million tonnes/yr after it takes over
the Metallurgical Corporation of China's (MCC) pulp and paper business.
The two parties signed an
agreement on February 28, which will see MCC transfer its wholly-owned
subsidiary MCC Paper to China Chengtong without cost.
But the plan still needs further
approvals from the central government.
Both MCC and China Chengtong are giant state-owned companies directly under the
administration of the Chinese government.
MCC Paper has a total capacity
of more than 1.5 million tonnes/yr of pulp and paper at its many subsidiaries
in China.
