AGRICULTURE concern, TSL Limited (TSL) has revealed that it is still engaged in talks to buy packaging firm, Nampak Zimbabwe Limited (NZL), from its parent company, Nampak Southern Africa Holdings Limited (NSAHL).
South African packaging group Nampak Limited, the owners of NSAHL, first announced its intention to sell NZL in October for a consideration of US$25 million to TSL.
In a statement, TSL said the transaction to buy NZL would require shareholder approval.
“Further to the cautionary announcement dated October 22, 2024 regarding the proposed acquisition by TSL Limited (the company) of 51,43% shareholding in Nampak Zimbabwe Limited from Nampak Southern Africa Holdings Limited (the transaction), shareholders and the investing public are advised that the company and Nampak SAHL are still engaged in processes to finalise and execute the sale and purchase agreement,” TSL said.
“The transaction will require shareholder approval which will be sought at an extraordinary general meeting (EGM). The company is, therefore, preparing a circular to shareholders which will contain full details regarding the transaction, a notice for the EGM, requisite shareholder resolutions for the transaction and other required statutory and regulatory approvals.”
Accordingly, TSL advised shareholders to exercise caution when dealing in its securities.
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“Further announcements will be made in accordance with regulatory requirements as and when there are material developments,” TSL said.
According to NZL, the disposal remains subject to the fulfilment of various suspensive conditions including the conclusion of binding transaction agreements and obtaining all necessary regulatory approvals.
“This follows the seller’s acceptance of a binding offer from the purchaser (TSL) for the acquisition of the shares at a purchase consideration of US$25 000 000,” NZL said.