Africa-Press – Zimbabwe. THE Competition and Tariff Commission (CTC) has approved the proposed sale of a 51,43% stake in Nampak Zimbabwe Limited to TSL Limited, moving the deal a step closer to completion pending other regulatory and shareholder approvals.
As previously reported, in October 2024, Nampak Zimbabwe Limited’s parent, Nampak Limited (Nampak), a South African packaging firm, announced it was divesting from Zimbabwe and agreed with TSL to sell its 51,43% shares in Nampak Zimbabwe Limited.
This is to be done through Nampak’s subsidiary, Nampak Southern Africa Holdings Limited, for a consideration of US$25 million.
Last month, Nampak concluded a sale and purchase agreement to dispose of its 51,43% stake in Nampak Zimbabwe Limited to TSL Limited.
“Further to the cautionary announcement dated August 13, 2025, regarding the proposed disposal of a 51,43% shareholding in the company by Nampak Southern Africa Holdings Limited (‘the 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.
“At this stage, CTC approval has been obtained, but there remain certain regulatory conditions and TSL shareholder approval outstanding. 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.”
In May, Nampak revealed that the disposal of Nampak Zimbabwe Limited is expected to substantially cut the group’s net debt, while removing the risk and volatility tied to operating in Zimbabwe.
Twenty-three million United States dollars of the purchase price is payable on the fulfilment of certain conditions precedent, including certain funding conditions, approvals by TSL Limited shareholders, 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.
In a trading update for the nine months ended June 30, 2025, Nampak Zimbabwe Limited said volumes for the period were 13% below the prior period due to volume recoveries in the current quarter, which have made up for some of the volume loss in the previous periods.
Consequently, group revenue for the nine months to June 2025 was 12% below the comparative period.
“The operating environment has been relatively stable, supported by the stable exchange rate, despite the tight liquidity conditions being experienced,” Nampak Zimbabwe Limited said.
“The paper operation is expected to benefit from the increased volumes from the record-breaking tobacco marketing season.
“Volume recoveries are also expected in the plastics and metals operations as pricing distortions reduce on the back of a stable exchange rate.”
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