IFC aids Thai paper company

IFC aids Thai paper company

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.