Cham Paper Group becomes a real estate company
Cham Paper Group can sell its paper business as planned and focus on the real estate business in the future. The Extraordinary General Meeting approved the corresponding proposals of the Board of Directors.
At the Extraordinary General Meeting of Cham Paper Group Holding AG, the agenda included amendments to the Articles of Association in connection with the sale of the Paper Division to the South African Sappi Group.
Cham Paper Group had announced the transaction at the beginning of December last year and at the same time announced its intention to withdraw completely from the production of specialty papers with the sale. In the future, the company intends to concentrate on its real estate business and operate on the market under the name "Cham Group". These plans had to be approved by the shareholders.
According to Cham Paper Group, a total of 66.5 percent of the voting share capital was represented at the Extraordinary General Meeting. The proposals of the Board of Directors were "all approved with a clear majority". In particular, the shareholders approved the change of name to Cham Group AG and the amendment of the company's purpose.
According to earlier information, the company expects a cash inflow of CHF 125 million from the sale of the paper business. This increases the flexibility for the development of the Papieri site. On this factory site in the center of Cham, Cham Paper Group is currently developing an eleven-hectare new district.
The closing of the transaction is expected by the end of February 2018. The 107th Annual General Meeting of Cham Group AG will take place on May 2, 2018.
