To view the PDF file, sign up for a MySharenet subscription.

SAPPI - PRESS RELEASE

Release Date: 22/04/1998 15:47
Code(s): SAP
Wrap Text
PURCHASE OF IDC INVESTMENT IN SAICCOR BY SAPPI

SAPPI HAS ANNOUNCED THAT IN TERMS OF ITS AGREEMENT WITH THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED (IDC) TO ACQUIRE THE IDC'S INVESTMENT IN SAICCOR, THE IDC HAS DECIDED TO LIMIT THE CASH ELEMENT OF THE PURCHASE PRICE TO 5O! OF THE TOTAL.
SETTLEMENT WILL THEREFORE BE EFFECTED ON 5 MAY 1998 IN THE FORM OF 5O% IN SAPPI LIMITED SHARES AND 50% IN CASH. THE ACTUAL NUMBER OF SHARES TO BE ISSUED WILL BE DETERMINED BY A FORMULA ON THE 5TH OF MAY. ENDS