Japan Pulp and Paper Company Limited (TSE:8032) signed an agreement to acquire Spicers Paper (Malaysia) Sdn Bhd and Spicers Paper (Singapore) Pte Ltd from Spicers Limited (ASX:SRS) for an enterprise value of SGD 15 million on September 26, 2018. The sale agreement between the parties also allows for Spicers to retain the ‘net cash’ balances in these Asian operations upon completion of the transaction, expected to be approximately SGD 7 million, subject to customary completion adjustments. The Asian operations contributed AUD 2.2 million (SGD 2.22 million) to Spicers underlying EBIT for financial year 2018. Completion is subject to the satisfaction of certain conditions, including confirmation with the Competition and Consumer Commission of Singapore (CCCS). As of November 27, 2018, the transaction has received clearance from Competition and Consumer Commission of Singapore (CCCS). Subject to satisfaction of these conditions, the transaction is currently expected to complete towards the end of the first half of financial year 2019. As of September 28, 2018, the transaction is expected to complete in November 2018. As of November 27, 2018, the transaction is expected to complete on December 11, 2018. As Proceeds of sale will be used for distribution to shareholders and for other options. Moelis Australia Advisory Pty Ltd acted as financial advisor to Spicers Limited. Japan Pulp and Paper Company Limited (TSE:8032) completed the acquisition of Spicers Paper (Malaysia) Sdn Bhd and Spicers Paper (Singapore) Pte Ltd from Spicers Limited (ASX:SRS) on December 11, 2018.