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  • 2020 03 24 SENS Announcement Sappi Has Declared Force Majeure On Vulindlela Project Saiccor Mill With Clarification

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    Wagner V. Veríssimo (wvverissimo)
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    Sappi, a South African paper and pulp company, has declared force majeure on its dissolving pulp expansion project at its Saiccor Mill in response to the South African government's nationwide lockdown to address the COVID-19 pandemic. The 65% complete project is undergoing a controlled shutdown and will recommence based on guidance from the government. Sappi does not expect material cost increases from declaring force majeure and will adjust future cash flows to revised project timelines.

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    2020-03-24-SENS-announcement-Sappi-has-declared-force-majeure-on-Vulindlela-Project-Saiccor-Mill-with-clarification

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    Sappi, a South African paper and pulp company, has declared force majeure on its dissolving pulp expansion project at its Saiccor Mill in response to the South African government's nationwide lockdown to address the COVID-19 pandemic. The 65% complete project is undergoing a controlled shutdown and will recommence based on guidance from the government. Sappi does not expect material cost increases from declaring force majeure and will adjust future cash flows to revised project timelines.

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    © All Rights Reserved
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    14 views1 page

    2020 03 24 SENS Announcement Sappi Has Declared Force Majeure On Vulindlela Project Saiccor Mill With Clarification

    Uploaded by

    Wagner V. Veríssimo (wvverissimo)
    Sappi, a South African paper and pulp company, has declared force majeure on its dissolving pulp expansion project at its Saiccor Mill in response to the South African government's nationwide lockdown to address the COVID-19 pandemic. The 65% complete project is undergoing a controlled shutdown and will recommence based on guidance from the government. Sappi does not expect material cost increases from declaring force majeure and will adjust future cash flows to revised project timelines.

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    © All Rights Reserved
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    Sappi Limited

    Johannesburg

    Announcement
    Sappi Limited 24 March 2020
    (Incorporated in the Republic of South Africa)
    Registration number: 1936/008963/06
    JSE share code: SAP
    ISIN code: ZAE000006284
    (“Sappi” or the “Company”)

    Sappi has declared force majeure on the dissolving pulp (Vulindlela) expansion and
    upgrade project at its Saiccor Mill in alignment with the South African Government’s
    declaration of a nation-wide lockdown to combat the COVID-19 Epidemic

    Sappi Limited wishes to announce that it has informed all suppliers, vendors and contractors
    of its decision to declare force majeure and cease all work at the dissolving pulp (Vulindlela)
    expansion and upgrade project at its Saiccor Mill in alignment with the South African
    Government’s declaration of a nation-wide lockdown to combat the COVID-19 epidemic. The
    project is 65 percent complete and is materially on track. It is currently undergoing a controlled
    shut down. The project will recommence based on government guidance. Sappi does not
    expect any material cost increases from the declaration of force majeure and future cash flows
    will be aligned to the revised project timelines.

    Sponsor: UBS South Africa (Pty) Ltd

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