Ceramic Industries Limited - Shareholders Update
Ceramic Industries Limited
("Ceramic")
ISIN: ZAE000008538
Share code: CRM
SHAREHOLDERS UPDATE
Shareholders of Ceramic Industries Limited are advised that:
- Pegasus:
Phase 1 of Pegasus, the group`s newly established pressed floor tile factory,
located near Vereeniging, has been commissioned at a capital cost of R128
million. The experience of Ceramic Industries` employees contributed to this
plant producing 90% of the designed capacity within 14 days of start-up. This
project has already demonstrated its ability to contribute to the profitability
of the group;
- Australia
The site for the Australian operation has been purchased subject to certain
terms and conditions, including the approval of a requisite development
application, which has been submitted to the relevant authorities. Ceramic
Industries has budgeted R100 million to its 82,5% stake in the project. The
balance of the funding will be provided by a selection of Australian partners,
Italian partners and management in the proportion to their shareholding.
Mr. Len Pereira, Executive Director to the Ceramics Industries Board is
relocating to Australia to take responsibility for this project;
- Italy
The Board of Directors has resolved not to proceed with the construction of a
factory in Italy at this time following the withdrawal of the joint venture
partner.
- Directors` share dealings
The JSE Securities Exchange ("JSE") has reviewed the circumstances surrounding
the directors` dealings in Ceramic Industries shares. It is satisfied that the
directors who dealt in shares fulfilled their disclosure obligations. Ceramic
Industries has reviewed its internal procedures to ensure that disclosure of
directors` dealings is made in accordance with JSE requirements.
Date: 04/12/2002 05:51:00 PM Produced by the JSE SENS Department
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