The sale made UPM-Kymmene the sole owner of the plant.
APRIL said in a statement an agreement for the supply of bleached hardwood kraft pulp from its PT Riau Andalan Pulp & Paper in Indonesia to the Changshu mill was also signed. It said the deal included a firm commitment of 200,000 metric tons per annum over 6-1/2 years.
APRIL said it would continue to hold an existing $121 million loan from UPM-Kymmene.
The Changshu mill is a 350,000 metric tons per year uncoated wood-free paper mill in Changshu, near Shanghai, China.
The firm said it would use $100 million of the proceeds to fund its Riau pulp line phase one project and the balance for liquidity needs. It said the sale would allow it to focus on its pulp expansion, with no dilution to APRIL's existing shareholders.
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