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SAP - Sappi Comments On Impact Of Fires In Kwazulu Natal Midlands

Release Date: 11/07/2007 16:16
Code(s): SAP
Wrap Text

SAP - Sappi Comments On Impact Of Fires In Kwazulu Natal Midlands Sappi Limited (Registration number 1936/008963/06) (Incorporated in the Republic of South Africa) Share code: SAP & ISIN: ZAE000006284) ("Sappi" or the "Company") Johannesburg, 11 July 2007 Sappi comments on impact of fires in KwaZulu Natal Midlands During extreme weather conditions experienced in the KwaZulu Natal Midlands near Howick on Monday 25 June 2007, several runaway veld fires occurred, causing extensive fire damage to Sappi Forests` property in the area. Extreme weather conditions made it very difficult to combat and then extinguish the fires. This was eventually achieved late on the 26th of June. Commenting on the damage caused, Hendrik de Jongh, Managing Director of Sappi Forests stated that "The area affected by the fire, some 5,500ha, represents approximately 2% of our forests." As regards the financial cost involved de Jongh said - "its early days and the numbers are still being finalised, but we expect the net impact to be around US$5m after tax. It is not yet clear how much of the wood we would be able to use, which would of course also influence the financial impact." Issued by: Sappi Limited 11 July 2007 Sponsor: UBS Warburg Date: 11/07/2007 16:16:17 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.