Photo by: Bloomberg
JSE-listed packaging producer Nampak has completed the disposal of its Bevcan Nigeria business to Singapore-incorporated private company Alucan Investment after six months of due process and approvals.
The company expects to receive the first tranche of the proceeds, amounting to $58.2-million, on January 31, with a further $10-million payable by February 7.
The disposal successfully deleverages the group’s financial position and improves the risk profile of the company. Nampak will use the $68.5-million in proceeds to settle debt.
Nampak’s Nigerian assets reported an attributable loss of R2-billion in 2023.
Nampak can now focus its efforts on core operations to unlock further shareholder value.
