Buhrmann has sold its remaining 5.5% holding in Sappi for 48m (E75m), which it has put towards reducing its bank loans.
Buhrmann sold the paper production side of KNP Leykam to Sappi in 1997, and acquired a 20% holding in Sappi as a result. In 1999, it sold nearly three-quarters of that stake.
"This was the right time to sell for us, the price was right and we have made a good profit on the deal," said Ernst Moeksis, Buhrmanns manager of corporate communications.
At the same time Sappi announced it had purchased 9.7m of its own shares through a subsidiary for 47.4m, in line with its continuing buy-back policy.
Buhrmann has made a 12.7m net profit on the deal, which will be recorded as extraordinary profit on its first quarter results for 2001.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
"It's amazing what can be found on the "web" nowadays!"
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