NAMPAK LIMITED (Incorporated in the Republic of South Africa) (Registration number 1968/008070/06) ("Nampak") ISIN : ZAE 000004933 Share code : NPK NAMPAK PROGESSES ITS AFRICAN STRATEGY
Nampak, Africa's premier packaging company has reached agreement with Crown Cork & Seal of the United States in respect of two transactions that
furthers Nampak's growth on the African continent.
Nampak will acquire the remaining 15% of Crown Nampak for a consideration of R275 million restoring Nampak's 100% ownership of its South African metals packaging businesses. The strong relationship that has been established with Crown Cork will be maintained through a technology agreement for these businesses.
Furthermore, following discussions over some years, agreement has also been reached in principle with Crown Cork to acquire their packaging interests in Zimbabwe, Zambia, Kenya, Tanzania, Nigeria and Ethiopia.
Subject to a satisfactory due diligence and South African Reserve Bank approval, Nampak will pay Crown Cork US$25 million in cash for these
operations and it is expected that the transaction will be finalised by the end of April.
Nampak has long had a stated strategy of expanding its packaging interests on the African continent and despite the sometimes challenging conditions has been pleased with the earnings that have been generated by its current investments.
The Crown Cork African operations are well established having been part of CarnaudMetalbox and Crown Cork for many decades and will provide Nampak with a platform from which to launch further growth initiatives.
Both deals are earnings enhancing in the current financial year and are consistent with Nampak's strategy of growing its earnings on the African continent whilst continuing to explore opportunities in international packaging markets. For further information: Trevor Evans - 011 719 6363 John Bortolan - 011 719 6388 Alastair Lang - 011 719 6380 Issued by Nampak Management Services 8 February 2002