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Nampak’s lenders have given it nine extra months of breathing room to bring down debt by R1bn in light of a pickup in its trading performance, further relaxing conditions on how debt must be handled.

News that Africa’s biggest packaging group will not be forced to sell assets or tap shareholders to reduce debt caused Nampak’s shares to gain the most in eight months on Friday. The 17% gain to R3.93 further underscored progress in the turnaround of a group whose shares hit a record low of 54c a year ago...

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