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Name | Symbol | Market | Type |
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Qnb Fin 24 | LSE:79CK | London | Medium Term Loan |
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RNS Number:1311L Sappi Ld 24 May 2000 Sappi sells Novobord Global paper group Sappi has sold Sappi Novobord, to Sonae South Africa (Pty) Ltd for an undisclosed amount. Sappi Novobord is a particle and medium density fibre-board (MDF) manufacturer with factories in Whiteriver and George in South Africa. Sonae South Africa is a wholly owned subsidiary of Sonae Industria SPGS, the world's largest manufacturer of wood-based panels. Sonae South Africa has been importing particle and MDF board into South Africa since the early nineties and is currently commissioning a new plant in Piet Retief. Sonae Executive Chairman, Sergio Gonzales Andion said: "Since establishing ourselves in South Africa in the mid nineties we have been exposed to the enormous potential of this country. We are a global group and this latest acquisition demonstrates our confidence that it is possible to conduct international business here. We are excited about the calibre of people which we are taking over from Sappi and are confident that with their support this will remain a profitable business that will grow from strength to strength". According to John Job, Chairman of Sappi Forest Products, the Novobord business no longer fitted Sappi's strategy, which focuses on pulp and paper. He confirmed that the sale was part of Sappi's programme to dispose of non-core assets. Including this sale, Sappi has sold US$326 million of assets since setting itself a target of R2 billion in May 1998. He said: "Novobord is a very successful wood-based panels enterprise but no longer fits with our business. This change of ownership holds exciting growth prospects for Novobord's people as this business will be part of their new owners' core business". Job paid tribute to the Novobord employees who have been part of the Sappi group since 1982. The transaction will result in a substantial one-time gain for Sappi but will not have any material impact on Sappi's ongoing earnings. The proceeds will be used to reduce debt. The sale is subject to approval by the South African Reserve Bank and Competition Commission and will be closed as soon as is practical thereafter. About Sappi: Sappi is a leading producer of coated fine paper (which is used in high quality publications such as annual reports, catalogues, brochures and magazines) and has a 15% share of the world market. It is the largest producer in North America, Europe and Africa, producing one in every four sheets of coated fine paper in the western world. The company is also the leading producer of dissolving pulp in the word (used typically in the manufacture of viscose textiles) with a market share of 15%. About SONAE SPGS: Sonae, founded in 1959, has its origins in the forest products business and has successfully grown into Portugal's largest private conglomerate, with 1999 sales over US$5 billion. Market-leading businesses account for more than 90% of Sonae's estimated NAV. Sonae's listed businesses are in retailing (the largest in Portugal and third largest in Brazil), shopping centre development and wood-based panels. Its key unlisted business is in telecommunications, shortly to be listed as Sonae.com. Released on behalf of Sappi by Westcom. For further information : Robert Hope Vitor Neves Director Strategic Development Financial Director Sappi Limited Sonae - Tafibra South Africa Tel: +27 (0) 11 407 8492 Tel: +27 (0)11 788 1874 Fax: +27 (0) 11 403 1493 Fax: +27 (0)11 788 1876 FORWARD LOOKING STATEMENTS Certain statements in this report that are neither reported financial results nor other historical information, are forward-looking statements, including, but not limited to statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors, that could cause actual results and company plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Such risks, uncertainties and factors include, but are not limited to the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production and pricing), adverse changes in the markets for the group's products, consequences of substantial leverage, changing regulatory requirements, unanticipated production disruptions, economic and political conditions in international markets, the impact of investments, acquisitions and dispositions (including related financing), and currency fluctuations. The company undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise. END DISBBGDUBUDGGGS
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