Nampak to invest $10m in Zim business

Harare - Nampak [JSE:NPK], Africa's biggest packing firm, will invest $10m in the next 12 months to expand its Zimbabwean business after consolidating the operations under one company, the local chief executive said on Thursday.

Nampak consolidated its shares in three Zimbabwean packaging firms, Hunyani Holdings, MegaPak and Carnaud Metalbox under a new company, Nampak Zimbabwe Ltd, in which it will own 51.43%.

John van Gend, Nampak Zimbabwe chief executive, said the government two weeks ago approved the company's plan to comply with Zimbabwe's black economic empowerment laws that require foreign firms to sell at least 51% shares to blacks.

Nampak Zimbabwe will list in Hunyani's place on the Zimbabwe Stock Exchange on September 1.

"We are looking at (investing) $10m in the next 12 months for projects that we want to be involved in," Van Gend told Reuters after shareholders a meeting.