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Nampak soared 18% on Thursday after signing a R1.2 billion deal to sell its Nigerian business. (Nanpack/Provided)
Nampac’s stock price soared more than 18% on Thursday following the rise in African shares.The company’s largest packaging group has announced the sale of its Nigerian operations in a deal worth $68.5 million (approximately R1.2 billion).
Nanpac’s Bebucan Nigeria business has been on the brink for some time now as the group grapples with high debt and aims to focus on its metals business, primarily based in SA. Although the company’s business in Nigeria is doing well in terms of management, profits are being severely hampered by foreign exchange losses, which are also hitting JSE-listed companies such as MTN.
Nanpac has also previously admitted to making poor asset allocation choices and overpaying for acquisitions as it seeks to aggressively expand into other parts of Africa.
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“Nanpac shares rose more than 18% on Thursday after Africa’s largest packaging group announced it would sell its Nigerian operations in a deal worth $68.5 million (about R1.25 million).”
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Source link: https://www.news24.com/fin24/companies/nampak-rockets-18-as-it-inks-r12bn-deal-to-exit-nigeria-20240516
