Africa’s biggest packaging company Nampak has sold its Nigerian paper packaging unit, as part of plan to shrink its portfolio and boost returns, it said on Wednesday.
Nampak said the business, which makes cartons for tobacco, food, and consumer goods industries, would be sold to privately-held Swedish cigarette pack maker AR Packaging for an undisclosed amount.
“We continue to rationalise the portfolio to improve returns on capital and reinforce our strategic intent. Proceeds from this disposal will further strengthen the company’s financial position,” Nampak Chief Executive André de Ruyter said.
Nampak has retained its aluminum and tin canning products and services in Nigeria, Africa’s biggest economy, but a country that has proven tough for some South African companies.
Telecoms group MTN has had a few clashes with regulators in Nigeria in recent years including over a disputed $2 billion tax bill and over missing the deadline to cut off unregistered SIM cards.
Other South African companies have left the country over the last five years, citing regulatory issues and under performance. They include hotels group Sun International, and retailer Woolworths and consumer food maker Tiger Brands.
Nigeria’s huge, expanding population of young people of working age, however, has made the west African country one of the top investment destinations on the continent. (Reporting by Onke Ngcuka Editing by Alexandra Hudson)
By Onke Ngcuka
Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.
Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.
The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.