Mondi scraps dividend and cuts spending due to Covid-19 worries
The group intended to spend as much as €800m (R15.8bn) in 2020 but wants to reduce contractors at its sites and preserve cash
09 April 2020 - 09:28
Paper and packaging group Mondi intends to save about R9.3bn by cutting capital expenditure and holding on to its 2019 dividend as it battles with the economic uncertainty from the Covid-19 pandemic.
The group will delay planned plant maintenance until the second half of the year, and will cut spending on capital projects by as much as €200m (R3.9bn) during 2020, it said in an update on Thursday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.