May 7, 2021
Brazilian pulp and paper company Klabin said it plans to spend an additional BRL2.6 billion ($492 million) on the second stage of the Puma II project, tapping cash reserves and existing credit lines to bring the total investments to BRL12.9 billion.
São Paulo-based Klabin had BRL7 billion in available funds at the end of March this year, it said in a securities filing on Wednesday. "Thus, there is no need to contract additional financing for the project," it added.
The company had received BRL5.
Brazilian paper says it will use cash on hand and available credit lines to spend another $492 mln on the new production facility