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Africa's biggest packaging group Nampak has shelved an extraordinary meeting scheduled for Wednesday, where it had hoped to get shareholders to green-light an increase in the number of shares to pave the way for a rights issue of about R1.5 billion.
Nampak, valued at about R650 million on the JSE, is struggling under a large debt pile, much of which is due to be repaid by March. It has decided to cancel the meeting to give its advisors, management and lenders more time to agree on a new plan.
CEO Erik Smuts told News24 that what all the debt advisors would now do was to look at all the plans of the business and "then determine the debt capacity" of it.
