SEC revokes securities registration of United Pulp

The Securities and Exchange Commission (SEC) has granted the request of United Pulp and Paper Co. Inc. (UPPC) for the voluntary revocation of its registration and permit to sell securities to the public.

UPPC is primarily engaged in the manufacture and sale of paper and pulps, particularly those made of sugarcane, abaca, wood, rice straws and ramie waste fibers and other fibrous materials.

In justifying its request, UPPC said it is useless to maintain its registration certificate as it would no longer sell or distribute securities to the public.

UPPC also cited the fact that it is now majority owned by Siam Pulp and Paper Public Co. Ltd. and its affiliate Thai Union Paper Co. Inc.

The Siam Cement Group raised its shareholdings in UPPC from 37 percent to 98 percent by virtue of a share purchase agreement with the Phinma Group, a tender offer to minority stockholders and additional subscription of redeemable preferred shares.

The SEC approved UPPC’s request considering that there is no public interest involved under the present circumstances.

Siam Cement has its businesses focused in paper and packaging, petrochemicals, cement, building products, ceramics, and distributions which include international trading, and two more businesses of property and holding.

Its products include eucalyptus pulp, bagasse pulp, printing and writing paper and kraft paper. The group’s printing and writing paper products are for publication of magazines, notebooks, textbooks, plain paper for copier, some types of packaging cartons, and various kinds of label. Kraft paper is for the production of cement bags, corrugated boxes, duplex board and gypsum liner board.

In 2002, the Siam Cement Group acquired an additional 36.28 percent interest in Phoenix Pulp & Paper Plc and 49.33 percent interest in Thai British Security Printing Pcl.