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INTERWASTE HOLDINGS LIMITED - Update regarding directive from acting minister of Enviromental Affais: FG Landfill site

Release Date: 21/11/2018 12:05
Code(s): IWE     PDF:  
 
Wrap Text
Update regarding directive from acting minister of Enviromental Affais: FG Landfill site

Interwaste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/037223/06)
JSE code: IWE
ISIN: ZAE000097903
(“Interwaste” or “the Company”)

UPDATE REGARDING DIRECTIVE FROM ACTING MINISTER OF ENVIRONMENTAL
AFFAIRS: FG LANDFILL SITE

Interwaste received a directive from the Acting Minister of Environmental Affairs to cease
the disposal of waste at the FG Landfill site until such time as certain directives
pertaining to the management of the landfill have been implemented. Interwaste notes
that a number of the requirements in the directive have already been implemented prior
to the issuing of this directive on a voluntary basis. Notwithstanding this, after
considering its options and risks from an operational, legal and financial
perspective, Interwaste has decided to put the site on a care-and-maintenance 
programme during this time.

Interwaste maintains the site design and operations comply with relevant regulatory
requirements. The FG Landfill site has been operating at the highest standards and has
maintained its local and international accreditations for environmental as well
as occupational health and safety management systems.

The site will accordingly cease receiving waste on Thursday, 22 November 2018.
Services to our clients will continue as normal as all alternative operational plans have
been implemented. Operations at the site will commence once the regulator grants its
approval to re-open the site.

Whilst the directors of the Company are uncertain as to the financial impact of the above
circumstances, it is not expected to have a material impact on the cash flows of the
Group.

Furthermore, it is uncertain at this stage if an impairment of lease-hold improvements
may be required. The directors’ assessment, based on current information, indicates that
if a full impairment of leasehold improvements is required, the after-tax impairment of
lease-hold improvements at FG are not expected to exceed R45 million.

Further information will be communicated to shareholders as soon as it becomes
available.

21 November 2018
Johannesburg

Sponsor
Grindrod Bank Limited

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