Nampak Limited
(Registration number 1968/008070/06)
(Incorporated in the Republic of South Africa)
SHARE CODE: NPK ISIN: ZAE 000004933
NAMPAK CONCLUDES EMPOWERMENT DEAL
Packaging group Nampak has sold its R150-million turnover a year Cores and Tubes
business to Disaki, an empowerment company put together by the group and
prominent black businessman, Vince Raseroka.
Raseroka, managing director of Cell C Service Provider, is a former Nampak
senior executive. He will serve as non-executive chairman of Disaki and have a
30 percent share in the business, says Nampak"s managing director South Africa
designate, Neil Cumming.
With plants in Johannesburg, Cape Town and Durban, the business employs 240
people and services some 150 customers throughout the country.
"Cores and Tubes is a successful business. With Vince at the helm as chairman,
and with Peter Davies and the existing staff fully behind the deal, we believe
that Disaki will be a major player in the cores and tubes industry," says
Cumming.
He stressed that Nampak"s strategy was to take on board value adding Black
economic empowerment partners.
The deal would potentially enable Raseroka to take up additional shareholding in
time together with other potential empowerment partners. The deal will be
financed by the two partners.
Raseroka, who has enjoyed successful careers at The South African Breweries,
Shell and SAA, says the deal is the realisation of a vision that Nampak had for
him when the group sent him on a senior executive programme at Stanford
University in the United States.
"Nampak groomed me in various positions, including running its Main Tin,
Spicer"s Papers and Petpak operations, so I have an intimate knowledge of the
packaging industry. I see this partnership as part of Nampak"s original
investment in me and I am very excited about the deal.
"The success of Black empowerment ventures depends on the business acumen and
experience that the partners bring to the party, he says.
Disaki managing director, Peter Davies, says: "SA"s economic success depends on
Black Economic Empowerment deals such as this. We are delighted to be part of
the future and believe Disaki will be a benchmark for others to follow.
For further information, please contact Neil Cumming at (011) 719 6300, or Vince
Raseroka on (011) 324 8101.
13 August 2003
Date: 13/08/2003 05:29:31 PM Supplied by www.sharenet.co.za
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