Nampak gets temporary reprieve from lenders
Debt repayment date shifts from March to September as it prepares to meet shareholders on rights issue
04 April 2023 - 21:30
Nampak, the packaging company saddled with a large debt burden after its ill-fated expansion in the rest of Africa, will soon convene an extraordinary general meeting with its shareholders to determine the size of a rights offer meant to settle a portion of its debt due in September.
The latest developments followed a meeting between Nampak and its lenders, which resulted in a temporary reprieve as the debt repayment date was pushed out to September from March. The initial proposal by the company was to raise R1.5bn via a rights offer to settle at least R1.35bn that will now fall due in September...
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