Nampak’s $301m Alucan investment waits on interim financial results

Nampak’s $301 million investment in Alucan Packaging Limited is currently waiting on the interim financial statements billed to be released on May 27, 2014.

Nampak, Africa’s biggest packaging firm, announced in November 2013, that it would pay $301 million for the acquisition of Alucan Packaging Limited (APL), which owns Nigeria’s $120 million can-making plant. In February 2014, negotiations were concluded as Nampak officially acquired Alucan.

Real Sector Watch sought to know when the company would fully begin operations in Nigeria from Graham Hayward, group investor relations and property manager, Nampak Management Services.

“Nampak officially acquired the Alucan business on February 25, 2014. We are currently in a closed period until the release of our interim results on May 27, and I therefore cannot provide you with any more information at present,’’ he said.

Alucan, incorporated in the British Virgin Islands, operates an eight colour, two-piece single aluminium beverage can-making line at Agbara, Ogun State, Nigeria. The plant makes beverage cans for the soft drink, malt and beer companies in Nigeria.

In November last year, Real Sector Watch had also enquired from Graham Hayward on the future plans of the company. “At this stage, all we have is an option to acquire a rigid plastic manufacturer in Nigeria. It is too early for us to comment on trends in plastic packaging in Nigeria,’’ he had said.