South African packaging company Nampak could spend $482 million on expansion in Africa outside its home country over the next three to five years, an executive said on Thursday.

“It's not an approved capital expenditure, it is the value of identified projects that we could invest in over the next three to five years,” Graham Hayward, head of investor relations at Africa's biggest packing firm said.

The company said in a presentation on its website it had identified opportunities worth $482 million.

About $344 million could be spent in west Africa, $120 million in Angola and Mozambique, $15 million in east Africa and $3 million in southern Africa.

The company, which made 16 billion rand ($1.90 billion) in sales in 2011, also said it wants to increase sales contribution from the rest of Africa to 35 percent by 2015 from about 20 percent now. - Reuters