Nampak flags job cuts before revised R1bn rights offer
Debt-laden group’s interim CEO Phil Roux says costs will be reduced and the business revamped
24 May 2023 - 11:45
UPDATED 24 May 2023 - 22:50
Debt-laden Nampak is preparing for huge job cuts, salary freezes and a reduction in overtime as it battles a cash crunch that has eroded its share value over the past five years.
Nampak interim CEO Phil Roux announced a reduced rights offer of up to R1bn to help raise capital to pay off a R6bn debt incurred after a disastrous expansion into Africa. Nampak’s debt far outweighs its R455m market value...
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