Sappi offloads Usutu subsidiary for R1bn
Paper, pulp and packaging group Sappi will sell its Usutu Forest Products subsidiary to timber products provider Montigny Investments for R1-billion in cash.
The proceeds from the sale of Usutu, which controlled some 67 000 ha of softwood plantations and a decommissioned pulp mill, in Swaziland, would be used for general corporate purposes and would reduce Sappi's net debt level to $2.05-billion.
The company said in a statement on Monday that its need for softwood had been reduced following the conversion and expansion of its Ngodwana plant to produce dissolving pulp rather than bleached softwood.
The transaction remained subject to various conditions precedent, including royal assent from the King of Swaziland, approval from the competition authorities in Swaziland and South Africa and approval in terms of the South African Exchange Control Regulations.
These conditions were expected to be fulfilled and the transaction implemented by September 30.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation