Sukanth Tanoto, Founder and Chairman of RGE.
Provided by RGE
Royal Golden Eagle, run by Indonesian billionaire Sukanto Tanoto, plans to build an 11 billion yuan ($1.5 billion) facility in eastern China to manufacture lyocell fiber, a raw material for paper and textiles. We are doubling our investment in China. Shandong province.
The Singapore-based company has signed a facility construction agreement with the Shandong provincial government, the details of which were confirmed by a company spokesperson, according to a government announcement this week. Once the facility begins commercial production, it will produce 600,000 tons of Lyocell fiber per year. The investment follows the group’s completion of the $3.3 billion acquisition of Chinese tissue paper giant Binda International Holdings in March.
RGE has been building its capabilities across China in recent years. Its division, Asia Symbol, operates manufacturing facilities in Shandong and Guangdong provinces that annually produce 2.2 million tons of pulp, 1.5 million tons of fine paper, 600,000 tons of paperboard, and 250,000 tons of tissue paper. There is.
The group is also expanding in Brazil. In January 2023, RGE’s Bracel division acquired Brazil’s OL Papais, and last April announced a $500 million investment to build a tissue paper and pulp facility in the country.
Tanoto, who has a net worth of $3.1 billion, owns RGE, a diversified conglomerate with more than $35 billion in assets across the pulp and paper, palm oil and energy industries and employs 70,000 people worldwide. Real Estate Division Pacific He has expanded his real estate portfolio to China, Singapore and Europe through his Eagle Real Estate. Tanoto is also in talks with Singaporean billionaire Kwek Leng Beng, whose family runs property giant City Developments, to pursue potential property opportunities in the UK.
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