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Goldman Sachs buys stake in local paper company
Goldman Sachs Group Incorporation bought a stake in Diana Joint-Stock Co., a paper products maker, Diana Chief Executive Officer Do Anh Tu said, without detailing the size of the holding.
Goldman Sachs “will help us expand our business, improve our management system to international standards and hold an initial public offering at the end of 2008 or in early 2009,” Tu said in a telephone interview with Bloomberg this week.
Connie Ling, a Hong Kong-based spokeswoman for Goldman Sachs, the world’s biggest securities company by market value, declined to comment.
The money from Goldman Sachs and Thien Viet Securities Company, a Vietnamese brokerage which holds a stake in Diana, will be used to start a factory to produce tissues in the northern province of Bac Ninh and to increase Diana’s sanitary napkin and diaper production, according to Tu.
Thien Viet Securities, based in Hanoi, also helped arrange the purchase of New York-based Goldman Sachs’ stake, Diana’s CEO said.
Hanoi-based Diana plans to start trading on either the Ho Chi Minh Stock Exchange or the Hanoi Securities Trading Center in 2009, according to Tu.
Thanhnien
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