XSD Malaysia

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 XSD International Paper SDN. BHD (“XSD” or the “Company”), founded in 2018, is a leading coated duplex board and grey board manufacturer in Malaysia which uses recycled material as raw material.  XSD commenced production in March 2022 and currently operates one production line for coated duplex board with a designed capacity of 350,000 tons per annum (TPA). A second production line for grey board, with a capacity of 150,000 TPA, is under construction and is expected to be commissioned by 2Q25 (i.e. the period from April 1 to June 30, 2025).IFC’s proposal consists of an up to US$70 million Senior Secured A-Loan to XSD. IFC’s proceeds are expected to support the Company for the development of: (i) a biomass cogeneration plant to generate electricity and steam; and (ii) a third production line for duplex board paper with a capacity of 300,000 TPA. The construction of the cogeneration plant is ongoing and the commissioning of the same is expected in 2Q25. The construction of the third production line for coated duplex board is anticipated to commence at the end of 2025 and get completed by 1Q27.