Monalisa Co., a major South Korean toilet paper company, said Tuesday it has been sold to Indonesian paper-manufacturing company Arch Peninsula SDN.BHD.
NHPEA Tissue Holdings AB, the largest shareholder of MSS Holdings Co. which has Monalisa as a major affiliate, signed an agreement Saturday to sell its entire stake in MSS to the Indonesian firm, Monalisa said in a regulatory filing.
The share purchase agreement will be finalized when the seller and the buyer satisfy each other's preceding conditions and obtain approval for their integration, the filing said.
The company didn't provide the value of the contract and other details.
MSS Holdings had held a 50.99 percent stake in Monalisa as of the end of 2023.
On Tuesday, shares in Monalisa jumped 23 percent to 5,110 won ($3.7) on the news, far outperforming the broader Korea Composite Stock Price Index's 0.8 percent loss.
