Sappi Ltd Announces Disposal Of Usutu Forest Products Company Limited
Sappi Ltd announced that through wholly owned subsidiaries Sappi Southern Africa Limited and Brocas Limited (the Sellers) entered into an agreement with Montigny Investments Limited (Montigny) in terms of which,Montigny will acquire all the shares in, and the shareholder loan claim against, Usutu Forest Products Company Limited (Usutu), from the Sellers (Transaction). The aggregate purchase price payable by Montigny to Sappi is ZAR1 billion and will be settled in cash on closing. The proceeds will be used for general corporate purposes and will reduce Sappi's net debt level on a pro forma basis as at March 31, 2013 to USD2,045 million.
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