SAPPI LIMITED - ANNUAL GENERAL MEETING
SAPPI LIMITED
JSE Code: SAP
ISIN: ZAE000006284
SAPPI"S ANNUAL GENERAL MEETING
Sappi"s Annual General Meeting was held in Johannesburg this morning and all
resolutions as proposed were duly passed by the requisite majorities.
The chairman, Mr Eugene van As, made the following statement at the meeting :
"It is only a month since we released our results for the first fiscal quarter
ended December 2003 and little has changed in our business since then. As we
expected, demand in Europe continues to grow year on year and we were able, as
planned, to announce a price increase of 5% to 7% last week on coated fine paper
reels and sheets for implementation on 01 April.
As indicated in the first quarter report, our biggest turnaround opportunity
remains in the United States where the paper sector has still not benefited from
the strength of GDP growth.
Despite continuing good demand, our southern African businesses continue to be
affected by the Rand/Dollar exchange rate.
Under the circumstances we still expect that earnings for the second quarter
will be at a similar level to the first quarter before the impact of the
Westbrook paper machine closure, major US maintenance shuts and one time charges
for staffing reductions in the US and European businesses."
As indicated in the annual report which was released in December 2003, Messrs J
S Chalsty, T L de beer and D N A Hunt-Davis retired from the Sappi board at the
meeting.
For further information
Andre Oberholzer
Corporate Affairs and Communication Manager
Tel +27 (0)11 407 8044
Fax +27 (0)11 403 8236
Andre.Oberholzer@sappi.com
Date: 01/03/2004 04:40:02 PM Produced by the JSE SENS Department
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