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Market not satisfied with Nampak’s smaller rights offer

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Packaging group slumps after it reduced the size of its proposed rights offer to no more than R1.5bn

The share price of packaging group Nampak slumped to its lowest intraday level in four weeks as the group announced a reduction in the size of its proposed rights offer from as much as R2bn to no more than R1.5bn.

The debt-laden company also revealed its exit from Nampak Nigeria Metals and East African businesses that have been hammered by currency volatility...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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