HONG KONG (Yosefardi) – Shares of Sateri Holdings Limited, one of the world’s largest producers of dissolving pulp, plummeted 14.19% to HK$1.33 Friday (May 31), the lowest level since its IPO in late 2010.
At HK$1.33, Sateri Holding’s market capitalization is around HK$4.55 billion. The stock started trading on HK Stock Exchange at above HK$6.5 in late 2010. It soared to as high as HK$8 in early 2011, but has since collapsed 83%.
Sateri operates manufacturing facilities in Brazil and China. It produces dissolving wood pulp and viscose staple fiber, which are natural raw-materials and key ingredients in the production of textiles, baby wipes, or industrial products such as tires.
Sateri booked net profit of US$56 million last year, slashed by 64% from 2011 as sales revenue declined 11% to US$720 million.
Indonesian tycoon Sukanto Tanoto is controlling shareholder of Sateri Holdings.