Harare, – JSE-listed Nampak’s subsidiary, Nampak Southern Africa Holdings, has agreed to sell its 51.43% shareholding in Nampak Zimbabwe to TSL for up to $25 million.
This move is part of Nampak’s broader asset disposal plan aimed at reducing the group’s debt burden.
Nampak Zimbabwe, a key player in the country’s packaging industry, manufactures paper, plastic, and metal packaging products and is listed on the Zimbabwe Stock Exchange. The company’s sale aligns with Nampak’s strategy to offload non-core assets and reallocate funds toward debt settlement.
Under the terms of the deal, TSL will pay an initial $23 million within ten business days of fulfilling or waiving the last condition precedent. Following this, TSL will make additional payments of $1 million at the end of each of the first and second anniversaries after the initial payment.
The sale of Nampak Zimbabwe marks a significant shift in ownership for the company, and the funds from the transaction are expected to strengthen Nampak’s financial position as it continues to streamline its operations.
TSL, a diversified industrial holding group, is expected to integrate the acquisition into its broader portfolio, potentially boosting its presence in the packaging sector across Zimbabwe.