Nampak R1 billion Rights Offer


Nedbank CIB advised on Nampak's landmark R1 billion Rights Offer


Nedbank Corporate and Investment Banking (NCIB) recently acted as Joint Financial Adviser and Joint Transaction Sponsor for Nampak Limited (Nampak) on their R1 billion Rights Offer. Nampak, a leading diversified packaging manufacturer in Africa, has been listed on the Johannesburg Stock Exchange (JSE) since 1969, with operations spanning 19 sites in South Africa and 14 sites in other parts of Africa.


The Rights Offer, based on a ratio of 2,20902 rights for every Nampak ordinary share held, was launched at a subscription price of R175.00, representing a 23.49% discount to the 30-day VWAP at 30 August 30 2023.This transaction signifies a pivotal step in Nampak's strategic transformation, aimed at shifting from a diversified conglomerate to a more focused packaging operations business ultimately to drive profitability and reduce debt.


The rights offer successfully concluded on 22 September, with gross demand equating to 138.6% of the available Rights Offer shares.