Packaging company Nampak Southern Africa’s attempt to sell its majority stake in its Zimbabwean unit for $25 million has collapsed.
In October 2024, TSL Limited proposed to acquire a 51.43% stake in Nampak Zimbabwe Limited from Nampak Southern Africa Holdings Limited (SAHL). The deal, valued at $25 million, was formally accepted, and both parties signed a Share Sale Agreement on March 25, 2025.
However, in an unexpected turn of events, TSL Limited announced earlier this week that it will no longer proceed with the transaction.
In a statement, the TSL board of directors revealed that although the deal had received approval from the Competition and Tariff Commission of Zimbabwe, the board no longer believes the transaction will gain the necessary shareholder approval at an upcoming Extraordinary General Meeting.
“Given that shareholder approval – a key condition precedent under the Share Sale Agreement – is unlikely to be secured, the Company has informed the Seller of its position. As a result, both parties have mutually agreed to terminate the transaction with immediate effect,” the statement read.
Despite the setback, the board emphasised its commitment to pursuing strategies that deliver sustainable, long-term value to shareholders and affirmed it will continue seeking aligned growth opportunities.
