Shares of indebted packaging company Nampak were on track for their best day in three months on Tuesday after it said lenders have pushed back repayment of R1bn in debt by about six months to April 2023, buying it additional time to avoid a rights issue.

The latest extension was a vote of confidence by lenders in the group’s operational improvement, said Chronux Research analyst Rowan Goeller. While the need for a rights issue has reduced, it is still dependent on factors including retaining the confidence of customers and suppliers and being able to invest to keep up with growing demand in SA, he said...

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