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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now