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Article: CORR: AMCOR UPS STAKE IN HK CIGARETTE PACKAGER AMVIG.
- Article from:
- AsiaPulse News
- Article date:
- June 25, 2008
CopyrightCOPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, June 25 Asia Pulse - Amcor Ltd (ASX:AMC)has increased its exposure to Asia's booming tobacco industry by bumping up its stake in Hong Kong-listed cigarette packager Amvig Holdings Ltd (SEHK:2300).
The $HK700 million investment by the Australian box and bottle maker comes as it nears the end of a corporate turnaround program, driven by the closure of unprofitable plants and a shift into emerging markets.
Amvig claims the title of market leader, with 17 per cent of market share, in mainland China's tobacco packaging industry.
Amcor said it is acquiring 78.3 million shares in Amvig at HK$8.94 ($US1.14) per share, increasing its current ...