Outgoing Nampak chair Peter Surgey has reflected on the disastrous expansion into the rest of Africa, which backfired and hurt shareholder value, with the company having not paid dividends since 2016.

In his letter to shareholders published in the group’s annual report, Surgey said 2023 was one of fundamental changes in trying to reduce its high debt levels, win back shareholder confidence and fix organisational structure that was no longer fit for purpose...

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