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Johannesburg – Master Plastics on Wednesday listed on the JSE’s AltX board in the containers and packaging sector after unbundling from Astrapak, which remains listed on the JSE’s main board.

The company, which represents a group of manufacturing operations, is focused on providing flexible packaging and knitted synthetic fabrics to the agricultural, retail and food market segments.

Master Plastics, which plans to migrate to the JSE’s main board soon, is the sixth company to list in the containers and packaging sector, which has a market capitalisation of R20.5 billion.

Chief executive Manley Diedloff said the company would look to establish and enhance its reputation as an organisation operating in niche markets and generating above-average returns to the benefit of all its stakeholders.

Read also: Astrapak's cost-cutting efforts pay off

“We will use our culture of innovation and our advanced asset base to explore growth opportunities within our existing customer base and market segments, and look for acquisition opportunities to give effect to both product and market diversification over time. This is an exciting time for Master Plastics and its people, and we all look forward to delivering on and exceeding market expectations.”

The JSE's director of capital markets Donna Nemer, welcomed Master Plastics to the AltX.