International Paper APPM tumbled 10.23% to Rs 313 after net profit slumped 78.8% to Rs 7.93 crore on 19.1% decline in net sales to Rs 271.79 crore in Q2 September 2019 over Q2 September 2018.
Meanwhile, NYSE-listed International Paper announced that it has completed the sale of its controlling interest in International Paper APPM to West Coast Paper Mills for approximately $85 million. International Paper intends to pursue suitable alternatives to divest its remaining 20% ownership interest in APPM.IP International Holdings sold its entire 20.04% stake held in International Paper APPM. International Paper Investments (Luxemborg) sold 34.96% stake in International Paper APPM. Post sale, International Paper Investments (Luxemborg)' stake in International Paper APPM has fallen to 20% from 54.96% held earlier.
West Coast Paper Mills purchased 55% stake in International Paper APPM. Post acquisition, West Coast Paper Mills' stake in International Paper APPM has increased to 72.20% from 17.20% held earlier. The announcement was made after trading hours yesterday, 30 October 2019.
International Paper APPM is an integrated paper and pulp manufacturing company.
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