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Johannesburg - William Tell Holdings [JSE:WTL], the mass producer of wood-based panels based in Krugersdorp, west of Johannesburg, said on Wednesday it had received a second payment in the amount of R6m in respect of the first R15m tranche of the department of trade and industry (DTI) grant it applied for last year.
The company had applied for the grant in terms of the provisions of the EIP: manufacturing investment programme (MIP) administered by the DTI, in respect of its new production facility at Chamdor, Krugersdorp.
The amount is non-taxable, non-repayable and would be amortised to income over the useful life of the plant, being 35 years in accordance with IFRS, the company said.
The company said this payment followed the first payment of R9m in respect of the first tranche, as announced on November 19 2010.
The DTI grant is for a total amount of R30m payable in two tranches - one payment each in respect of the 2010 and 2011 financial year end - of R15m each, within 90 days of finalisation of the audited financial statements of the company for the financial years ended June 2010 and ending June 2011, respectively.
The company had applied for the grant in terms of the provisions of the EIP: manufacturing investment programme (MIP) administered by the DTI, in respect of its new production facility at Chamdor, Krugersdorp.
The amount is non-taxable, non-repayable and would be amortised to income over the useful life of the plant, being 35 years in accordance with IFRS, the company said.
The company said this payment followed the first payment of R9m in respect of the first tranche, as announced on November 19 2010.
The DTI grant is for a total amount of R30m payable in two tranches - one payment each in respect of the 2010 and 2011 financial year end - of R15m each, within 90 days of finalisation of the audited financial statements of the company for the financial years ended June 2010 and ending June 2011, respectively.
