TSL just bought most of Nampak Zimbabwe for a cool $25 million. They bought 51% from South African parent company Nampak Holdings, making them the new bosses of Zimbabwe's top packaging maker. The deal isn't final until regulators say yes, so everyone involved needs to stay hush-hush for the moment.
Nampak Zimbabwe makes all kinds of packaging – bottles, crates, paper boxes, metal cans – stuff that keeps products safe. Delta Corporation helped start the company back in 1993 and still keeps 22% of the shares. The price tag values the entire company at nearly $49 million.
TSL plans to make offers for the remaining shares soon. Funny enough, they sold their stake in Nampak Zimbabwe six years ago for $15 million. The South African parent company is selling assets left and right to pay off debts totaling R2.6 billion.
They already left Nigeria through a $68.5 million sale and are ditching their South African carton business for R450 million. Zimbabwe's money problems and government debt of $52 million probably pushed them to sell. Last year, the Zimbabwe operation added R84.8 million to its profits.
TSL operates businesses in many sectors, including shipping, property, car rentals, farm chemicals, auctions, and tobacco packaging. This purchase fits their strategy of expanding through different business areas.
Nampak Zimbabwe makes all kinds of packaging – bottles, crates, paper boxes, metal cans – stuff that keeps products safe. Delta Corporation helped start the company back in 1993 and still keeps 22% of the shares. The price tag values the entire company at nearly $49 million.
TSL plans to make offers for the remaining shares soon. Funny enough, they sold their stake in Nampak Zimbabwe six years ago for $15 million. The South African parent company is selling assets left and right to pay off debts totaling R2.6 billion.
They already left Nigeria through a $68.5 million sale and are ditching their South African carton business for R450 million. Zimbabwe's money problems and government debt of $52 million probably pushed them to sell. Last year, the Zimbabwe operation added R84.8 million to its profits.
TSL operates businesses in many sectors, including shipping, property, car rentals, farm chemicals, auctions, and tobacco packaging. This purchase fits their strategy of expanding through different business areas.
