eBusiness Weekly
HARARE – TSL Limited says it has finally disposed of its 16.53 percent stake in listed packaging firm, Nampak Zimbabwe to an unnamed investor for $15 million.
The company said it would invest the bulk of the proceeds from the sale amounting to $10, 13 million in capital projects while $4, 9 million would be distributed to shareholders as a once off special cash dividend.
“The disposal (of the Nampak shareholding) was concluded at a negotiated price of $0.12 for each Nampak Zimbabwe share held by TSL and this translates to a total consideration of $14 988 277,” TSL said.
On Monday, Nampak shares were trading at 0, 16 cents per share on the Zimbabwe Stock Exchange.
TSL said it had seen it necessary to declare the special dividend “after satisfying the company’s requirements for planned capital projects.”
“The special dividend will be carried out on a pro rata basis at the rate of 1, 36 cents per every TSL held as at 20 April 2018,” the company said.
TSL came to own 16.53 percent of Nampak Zimbabwe, which was born after the merger of Hunyani, Carnaud Metalbox and Megapak, as it held a 39 percent stake in Hunyani before the amalgamation.
Following the dilution of its shareholding and loss of strategic control in the merged entity, TSL decided in October 2014 to sale its stake in Nampak Zimbabwe and since then had failed to find any takers.
Established in 1957, TSL has over the years grown into a holding company with interests in logistics, real estate and commodity production.
Some of its subsidiaries include Bak Logistics, Agricura, Avis, Tobacco Sales Floor, TSL Properties, Sasana Tours and Premier Forklift. – New Ziana
