Nampak sells glass business for R1.5bn

Nampak, Africa’s largest diversified packaging manufacturer, has sold its glass business to Isanti Glass 1, an entity made up of a black-owned investment company and a local subsidiary of beer maker AB InBev , for about R1.5bn.

In its 2018 annual report, Nampak said it had decided to dispose of the glass business “because its financial returns have failed to meet required levels due to inadequate skills, high expenditure and high fixed costs”. Nampak CEO André de Ruyter said the company would continue to rationalise its portfolio to improve returns on capital.

“It is not anticipated that the suspensive conditions will have been met before the Nampak 30 September 2019 year-end,” the company said.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Outsurance sells New Zealand insurance businessRand Merchant Investment Holdings says the sale of Youi Holdings will release capital of up to NZ$13m
Source: BDliveSA - 🏆 12. / 63 Read more »

Outsurance sells New Zealand insurance businessRand Merchant Investment Holdings says the sale of Youi Holdings will release capital of up to NZ$13m
Source: BDliveSA - 🏆 12. / 63 Read more »

BUSINESS MAVERICK: Treasury pulls rabbit out of hat with $5bn sale of two international bondsSouth Africa’s Treasury has issued a pair of international bonds to the tune of $5-billion, the largest such transaction out of sub-Saharan Africa. It’s a vote of investor confidence that Finance Minister Tito Mboweni can do with ahead of his medium-term budget speech in October and a looming Moody’s downgrade.
Source: dailymaverick - 🏆 3. / 84 Read more »