Sappi Shareholders Vote on UPM Graphic Paper Joint Venture

Sappi Limited shareholders are voting on a proposed 50/50 joint venture with UPM covering their graphic paper businesses in Europe, the UK and the United States. The vote took place at a general meeting held electronically on July 23.

The transaction is classified as a Category 1 deal under JSE listing rules, which requires shareholder approval. Chairperson Nkululeko Sowazi said the notice of the meeting and the shareholder circular had been distributed for the prescribed period. A quorum of shareholders was present, representing at least 25% of issued shares, allowing the meeting to proceed.

Voting is being conducted by poll, with Computershare acting as scrutineer. The resolutions, if passed, will allow Sappi to move forward with the joint venture.