Nampak inks R450m deal for SA liquid cartons business, Malawi and Zambia units

Shares of debt-laden packaging group Nampak lifted almost 4% on Tuesday after it announced a R450 million deal to sell its SA liquid cartons business, as well as units in Malawi and Zambia, to a consortium. 

Nampak, valued at about R1.4 billion on the JSE, has been grappling with a net debt pile that stood at R4.6 billion at the end of September. It's currently in a push to give up its conglomerate status and focus mostly on being a metals business based largely out of SA.

The consortium is made up of Corvest 15, a private equity company and an indirect subsidiary of FirstRand Bank, as well as Dlondlobala Capital, a majority black-owned investment holding company and private equity fund manager. Liquid cartons MD Raymond Dube and MD of Nampak Malawi and Zambia Shaun Du Plessis are also set to be shareholders.