IFC aids Thai paper company

Mon, 24 May 1999, 00:00 WIB | Source: AP

BANGKOK, Thailand (AP): A unit of the World Bank had agreed to
make a 10-year loan of US$30 million to help restructure United
Pulp and Paper Co. of the Philippines.

The company is a joint venture between Thailand's Siam Pulp
and Paper PCL and the Philippine Investment-Management
Consultants Inc.

Khalid Mirza, Bangkok chief of mission for the International
Finance Corp., a World Bank unit, told a news conference Friday
that the loan will shore up United Pulp and Paper's financial
status as it restructures $80 million in short-term debt.

Siam Pulp and Paper President Chaisak Saeng-Xuto said his
company and the Philippine strategic partner will chip in long-
term loans of 450 million Philippine pesos, or $12 million.

Siam Pulp and Paper is a unit of Siam Cement PCL, the largest
manufacturing conglomerate in Thailand. Siam Pulp and its
Philippine partner each own a 42 percent stake in United Pulp and
Paper.

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