Pacific Plywood seeks delay
Pacific Plywood Holdings says talks to delay exercising an option to buy an 80 per cent stake in a Jilin plywood factory will have no adverse impact on the company.
The company said it was negotiating to delay the deadline of the option from the end of next month to the end of this year and lower the purchase price.
The option price stood at US$90 million, and the company had paid one-third as a deposit.
The company expected to recoup the deposit and a $1 million interest if it chose not to proceed with the deal.