Papyrus Australia Expands Global Presence with New Joint Venture in Vietnam

2 min read | December 31, 2024 12:38 PM AEDT | By Team Kalkine Media

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Papyrus Australia Expands Global Presence with New Joint Venture in Vietnam — Image source: shutterstock

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Highlights

Papyrus secures cornerstone investment from L39 Capital to support its JV agreement with Thanh Dung Co in Vietnam.

The company appoints Jim Huang as Non-Executive Director, strengthening its leadership team.

Papyrus shares rise 40%, closing at 1.4 cents per share on 31 December 2024.

Papyrus Australia Ltd (ASX:PPY) has announced significant progress in its commercialisation strategy, securing a cornerstone investment from L39 Capital Pty Ltd to support the development and execution of its Joint Venture (JV) agreement with Thanh Dung Co in Vietnam. This partnership aims to commercialise and deploy Papyrus’ innovative, Australian patent-pending Phase 2 technology. L39 Capital will leverage its vast network to secure additional funding for the JV, which includes milestones such as due diligence, the establishment of an operating structure, and the creation of a local and international commercial entity.

Leadership Strengthened with New Appointment

Papyrus also welcomed Mr. Jim (Zhaojing) Huang to its Board as a Non-Executive Director. Mr. Huang brings a wealth of experience in the Asia-Pacific region, particularly in engineering, technology, finance, and corporate advisory, as well as a strong background in mergers and acquisitions. His expertise will be instrumental in driving the company’s strategic direction, particularly in the waste processing and recycling sectors.

2025 Plans and Financial Update

Looking ahead to 2025, Papyrus has outlined an ambitious horizon that includes the establishment of a Phase 2 Technology prototype and commercial demonstration plant in Australia. Additionally, the company is progressing with the development of the PPY JV commercial plant in Vietnam.

Financially, Papyrus received loan funds of $131,136 in November 2024 from Radium Capital, under the Australian Government Research and Development Tax Incentive Program (R&DTI). The company’s November cash flow report showed expenditure on staff costs, audit compliance, and other overheads. Notably, there were payments for R&D activities, offset against an intercompany loan, and legal fees relating to previous legal proceedings.

Shares Surge Amid Strategic Developments

Papyrus shares saw a notable 40% gain, reaching 1.4 cents per share as of 31 December 2024.

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