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Nampak subsidiary agrees to sell stake in Nampak Zimbabwe for up to $25m

23rd October 2024

By: Creamer Media Reporter

     

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JSE-listed Nampak's Nampak Southern Africa Holdings subsidiary has agreed to sell its 51.43% shareholding in Nampak Zimbabwe to TSL for up to $25-million.

Nampak Zimbabwe is listed on the Zimbabwe Stock Exchange and manufactures paper, plastic and metal packaging products. The business has been earmarked for disposal as part of the Nampak group's asset disposal plan, with the funds to be used to settle some of the group's debt.

TSL will be required to pay $23-million of the purchase consideration within ten business days of the fulfilment or waiver of the last condition precedent.

It will then have to make payments of $1-million at the end of each of the first and second anniversaries after the payment of the initial purchase consideration.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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