🎁
Claim your Christmas & New Year Gift! 🎄✨
Tap to receive your blessing
Local News

Nampak’s disposal of Zimbabwe stake falls through

southreport



18th September 2025


Business

TimesLive

Nampak’s deal to dispose of its 51.43% shareholding in Nampak Zimbabwe to TSL for as much as $25m (R435m) has been terminated, the packaging company said.

The deal was originally announced in October last year.

Nampak said on Tuesday it had received notification from TSL that, notwithstanding a successful due diligence and competition authority approval process, circumstances for TSL in motivating the transaction to its shareholders had changed and it had elected to withdraw from the deal, which Nampak has agreed to.

Nampak remained committed to its strategic plan to dispose of its Zimbabwean asset on commercially acceptable terms, it said.

The Johannesburg-based company has also exited Nigeria, where forex losses were particularly acute as the naira depreciated sharply against the dollar

The sale was part of Nampak’s asset disposal plan and would have contributed to the reduction of the group’s net debt and eliminated the associated risk and volatility of the Zimbabwean economy, Nampak said at the time the deal was proposed.

It had intended to apply the proceeds towards the settlement of debt.

Nampak Zimbabwe manufactures paper, plastic, and metal packaging products and is part of the Nampak group of companies.

Nampak CEO Phil Roux. File photo.

Nampak CEO Phil Roux. File photo. Image: SUPPLIED

The packaging supplier for companies ranging from Coca-Cola to Tiger Brands has been battling to claw its way out of a R5bn debt hole it fell into during its ill-fated expansion in Africa.

Since 2023, under CEO Phil Roux, the group has implemented a comprehensive turnaround plan, including:

  • board and management changes;
  • a business model review;
  • a capital and debt restructuring programme;
  • a rights offer; and
  • a new strategy focused on its core metals business.

It has achieved its previously set out lender requirement to repay R720m of net debt from disposals by end-September 2024 by using the proceeds from the disposals of the Liquid Cartons businesses in SA, Nampak Zambia, Nampak Malawi and Rigid Plastic SA.

The Johannesburg-based company has also exited Nigeria, where forex losses were particularly acute as the naira depreciated sharply against the dollar, resulting in a surge in costs for raw materials funded in the US currency.

Leave a Reply

Your email address will not be published. Required fields are marked *