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Metair Investments Limited (JSE:MTA) News - Voluntary update: Impact of the flooding in Kwazulu-Natal on Metair’s operations
METAIR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/031013/06
ISIN: ZAE000090692
JSE share code: MTA
(“Metair” or the “Group”)
VOLUNTARY UPDATE: IMPACT OF THE FLOODING IN KWAZULU-NATAL ON METAIR’S OPERATIONS
Following severe flooding on 11 and 12 April 2022 across most of the KwaZulu-Natal province in South
Africa, efforts to address the devastating impacts to numerous communities, businesses and
infrastructure in the region remain ongoing. A national state of disaster has been declared by the South
African Government with resources being mobilised to support interventions in the affected areas.
From the outset, Metair has continued to support its employees, customers and other stakeholders as
best as possible and remains in close communication with them during this challenging time.
Whilst the impact on Metair’s facilities was minimal and operations had promptly returned to normal, a
major Original Equipment Manufacture (OEM) customer of the Group advised that it suffered significant
damage to its plant with production suspended for clean-up operations and assessments to be carried
out. There is no certainty yet on the timing of production coming back online but Metair’s Automotive
Components Vertical expects a material reduction in demand for its products until then.
Metair has insurance in place and has initiated a business interruption claim which would limit the impact
to the Automotive Components Vertical’s earnings. Metair will also work with the affected OEM to
support their recovery and any recoupment of lost production. Lastly, Metair is in close contact with its
funders to maintain sufficient short-term liquidity until the situation stabilises.
5 May 2022
Johannesburg
Sponsor
One Capital
Date: 05-05-2022 08:00:00
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