Paper e-market planned

Paper e-market planned

SINGAPORE (DPA): Four Asian partners plan a new paper exchange seeking to secure at least 25 percent of the region's pulp and paper market and transact at least US$2 billion in business by 2002, it was reported on Monday.

Called ePaperAlliance, the partners include Asia Pulp and Paper, part of Indonesian-based conglomerate, Sinar Mas, Itochu Corp., Mitsubishi Corp. and Nissho Iwai Corp.

Matthew Pollard, managing director of the company to be officially launched early next year, told The Business Times that Asia represents the world's fastest paper-consuming market.

Last year it accounted for about 33 per cent of the world's combined pulp, paper and wastepaper, or 623 tons, he said.

The venture, to be registered in the Cayman Islands, will be launched early next year and owned by the partners, but opened to as many as five others.

The paper exchange will link Asian buyers and sellers of all grades of pulp and paper and comes with trade financing, factoring, logistics and documentation, Pollard said.