The board of packaging manufacturer Nampak has cancelled the upcoming extraordinary general meeting where the quantum of the proposed rights offer and advances in its turnaround plan would have been discussed, saying lenders requested more time to iron out details of the new funding package.
As a part of a turnaround plan approved in September 2022, the group in 2022 proposed an “up to” R2bn rights offer, that was later reduced to R1.5bn to settle at least R1.35bn in debt owed to banks and to fund an upgrade of one of its beverage lines, which sent its share price nosediving...
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