Packaging manufacturer Mpact said on Wednesday that it took write-downs that represent more than half of its market capitalisation in the year to end-December, as it battled with the effects of load-shedding and global oversupply of the material that is used to make corrugated boxes.

The group wrote down some of its operations by a total of R1.3bn, which compares unfavourably to its R2.2bn market capitalisation on Wednesday morning...

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