Noranda sold the Masson mill to a group of five investors for a reported CDN$150 million. Ashok Narang, formerly chairman of Pine Falls Paper Co. in Manitoba, is the chairman and ceo. Through his Caro…
Noranda sold the Masson mill to a group of five investors for a reported CDN$150 million. Ashok Narang, formerly chairman of Pine Falls Paper Co. in Manitoba, is the chairman and ceo. Through his Caron Point Investments, he also holds an equity position in the mill. Two pension funds hold a 28% interest each. Houston, TX-based Enron Corp. also has a 28% interest. It is hedging the mill’s financial risk through long-term newsprint price contracts with buyers. It recently helped Repap Enterprises with a US$45-million refinancing. A private investor holds the balance.
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