Nampak: Plan to invest $10m in Zimbabwe unit

NAMPAK would invest $10 million (R107m) in the next 12 months to expand its Zimbabwean business after consolidating the operations under one company, the local chief executive of the packaging firm said yesterday. Nampak consolidated its shares in three Zimbabwean packaging firms, Hunyani, MegaPak and Carnaud Metalbox under a new group, Nampak Zimbabwe, in which it would own 51.43 percent. Nampak Zimbabwe chief executive John van Gend said that two weeks ago the government approved the company’s plan to comply with Zimbabwe’s empowerment laws that required foreign firms to sell at least 51 percent shares to black people. Nampak Zimbabwe will list in Hunyani’s place on the Zimbabwe Stock Exchange next month. – Reuters