Africa-Press – Zimbabwe. SOUTH African packaging group, Nampak Limited, has concluded a sale and purchase agreement to dispose of a 51,43% stake in its local unit to TSL Limited, subject to regulatory and other suspensive conditions.
In October 2024, Nampak announced it was divesting from Nampak Zimbabwe and agreed to sell its 51,43% shareholding to TSL for a consideration of US$25 million.
The sale of its stake in a local packaging firm is part of Nampak Limited’s 2023 asset disposal plan set to raise about ZAR2,6 billion (US$148,09 million) over an 18-month period as part of a turnaround strategy to repay its debt.
“Further to the cautionary announcement dated 21 July 2025, regarding the proposed disposal of a 51,43% shareholding in the company by Nampak Southern Africa Holdings Limited (seller), shareholders and the investing public are advised that the seller and TSL Limited (the purchaser) have concluded a sale and purchase agreement in respect of the sale, which agreement remains subject to various suspensive conditions,” Nampak Zimbabwe Limited said in a statement.
“Accordingly, shareholders and the investing public are urged to continue to exercise caution when dealing in the company’s securities until a full announcement is made regarding the implementation of the disposal.”
Nampak’s latest interim results show that Nampak Zimbabwe returned to profitability in the half year to March 31, 2025, posting a profit of ZAR68 million (US$3,88 million) compared to a loss of ZAR87,1 million (US$4,97 million) in the same period last year.
The improvement comes as the group positioned the business for disposal, with management highlighting that the sale price of US$25 million is expected to exceed the subsidiary’s book value.
“The group accepted a non-binding offer for the disposal of its 51,43% interest in Nampak Zimbabwe Ltd on 30 September 2024 for an amount of US$25 million culminating in a contract for the disposal being concluded on 25 March 2025,” Nampak said in the half-year report released in May.
“US$23 million of the purchase price is payable upon the fulfillment of certain conditions precedent, including certain funding conditions that the purchaser needs to fulfill by 31 July 2025, the approval by the shareholders of the purchaser, and certain regulatory approvals.
“The balance of the purchase price is payable in equal tranches of US$1 million on the first and second anniversaries of the initial payment. The proceeds will be payable in US dollars.”
As of March, Nampak Zimbabwe Limited’s assets were recorded at ZAR600,1 million (US$34,28 million).
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