Mona Lisa paper giant sold to Indonesian paper giant - South Korean reports

Private equity fund Morgan Stanley Private Equity (MSPE) recently acquired Mona Lisa, a major shareholder in the South Korean paper company Mona Lisa, which also manufactures and sells hygiene products.
MSS Holdings will sell 100% of its shares to Indonesian paper giant Asia Pulp & Paper (APP) for 400 billion won (approximately 45.512 billion yen).
MSS Holdings held a 50.99% stake in Mona Lisa as of the end of 2023. Separately, it also held a 10.5% stake in paper manufacturer Ssangyong C&B.
MSPE, which acquired Mona Lisa in 2014, previously tried to sell the company in 2017 and 2022, but both attempts were unsuccessful.
APP, which has acquired Mona Lisa, is a major paper manufacturer that ranks among the top 10 in the world. It exports pulp, paper, wrapping paper, etc. to about 150 countries, including Korea.
By acquiring Nariza and Ssangyong C&B, the company is expected to increase its share of the Korean toilet paper market and achieve synergy with its core business of pulp and paper manufacturing.
Mona Lisa was founded in 1977 as a company that manufactures toilet paper brands such as "Natural is Better," as well as masks and diapers.
Meanwhile, Ssangyong C&B was founded in 1978 and is famous for its "Cody" brand.