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Shareholders in Nampak have approved all the resolutions necessary to restructure its share capital and pave the way for a rights issue of up to R1 billion that is aimed at putting Africa's largest packaging group back on a firm footing.
Packaging group Nampak reported on Wednesday it swung into an interim loss of more than five times its R455 million market value, hit by massive writedowns as well as currency devaluation losses in Angola and Nigeria.
After initially tapping shareholders for a R2bn capital raise.
JSE-listed packaging company Nampak has instituted a vacancy freeze, will reduce headcount across the entire organisation, will reduce its head office and has reduced absolute salaries to stabilise the company, Nampak interim CEO Phil Roux said on May 24. This headcount reduction will be done in accordance with the rightsizing of the organisation to ensure it retains the appropriate competency set and will not be done all at once nor in a manner that is reckless, he added during a presentation of the company's results of the six months to March 31.
Nampak's new CEO Phil Roux is introducing a raft of changes to Africa's largest packaging group including combining some operations, while slashing costs and headcounts, as he looks to set it on the road to recovery.