Sappi confirms purchase by Montigny Investments of Sappi’s Usutu business in Swaziland
Sappi today confirmed that they have concluded the sale of Sappi’s Usutu Forest Products Company Limited to local Swaziland business Montigny Investments.
Sappi announced on 01 July 2013 that it intended to dispose of Usutu Forest Products Company Limited to Montigny Investments Limited, Sappi can confirm that all conditions precedent to the successful conclusion of the transaction have been met as of 16 July 2014.
The purchase consideration to be paid by Montigny to Sappi of ZAR1,000,000,000 (one billion Rand) will be used for general corporate purposes and will reduce Sappi's net debt.
Commenting on the sale, Sappi Limited Chief Executive Officer Steve Binnie said “We are extremely happy to have been able to sell our Usutu business to Montigny. The transaction reflects the change in Sappi’s strategic focus towards high growth segments such as specialised cellulose and packaging. The proceeds of the sale will contribute to paying down debt.”
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Source: Unipack.Ru
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