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Papelera Internacional, S.A.

Acquisition by Grand

Bay International, A.V.V

July 2007

Papelera Internacional, S.A. (“Painsa”) is a Guatemala-based manufacturer of tissue paper products.

Pan American Finance advised Grand Bay International, A.V.V., an affiliate of Montreal-based Kruger Group, on the acquisition of a majority stake in Painsa. With the acquisition, Grand Bay International gains a significant share of the Central American tissue-paper market and develops important synergies with its existing operations in Venezuela, Colombia, and Peru.