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Chinese State-run investment company CITIC Group has acquired a majority stake in Tokyo-based cardboard maker Tri-Wall KK, the Nikkei business daily reported without citing sources.
CITIC's private-equity arm CITIC Capital Partners paid several billion yen for shares held by Tri-Wall investors. It plans to back Tri-Wall's expansion and aims at listing the box maker's stock in Hong Kong in a few years, the paper said.
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Nikkei said Tri-Wall welcomed CITIC Capital Partners as a majority investor, partly due to its interest in a Hong Kong listing.
CITIC Capital Partners set up shop in Japan in 2004 and has investments in tableware maker Narumi China Corp, canned-coffee vendor Pokka Corp and Higashiyama Film Co, among others, the business daily said. ($1 = 85.9354 yen)