Nampak has received JSE approval to proceed with as R1bn rights offer, bringing the debt-laden packaging group a step closer to a major overhaul that will shift the focus to its core metals business and selling noncore assets.

The offer, comprising the issue of new Nampak shares at R175 each, is set to open on September 11. The company said shareholders will be entitled 2.20902 rights shares for each ordinary share held on the recorded date...

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