Picture: BLOOMBERG/SUMIT DAYAL
Picture: BLOOMBERG/SUMIT DAYAL

Africa’s largest packaging group Nampak, which recently lost its CEO André de Ruyter to Eskom, said on Friday that the Public Investment Corporation (PIC) had upped its shareholding to 20.5%.

Nampak did not provide further details, but according to Infront data, at its last filing the company reported the PIC held 11.09% of the company — or 76.5-million shares.

Nampak’s share price has lost a quarter of its value so far in 2020, which comes after a 50% fall in 2019.

The company reported a R1.5bn loss for its year to end-September 2019, battling hyperinflation in some of its African operations.

In morning trade on Friday Nampak’s share price was 0.99% lower at R5.

gernetzkyk@businesslive.co.za