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Africa's largest packaging group, Nampak, took another crucial step in its turnaround plan on Thursday, announcing the finalisation of its R1 billion rights offer, as well as its pricing.
The company, valued at about R773 million on the JSE, also said in an update it was making "good progress" in its critical asset disposal programme, adding that it remained confident of achieving its target of R2.6 billion of asset disposals.
Nampak, which is under new management headed by turnaround specialist Phil Roux, previously announced a strategy to focus on its core metals business, including Bevcan SA, Bevcan Angola and DivFood. This implies it is looking to sell its Nigerian business, as well as its plastics and paper divisions.
