November 26: Nampak’s new beverage can plant in Angola isn’t expected to be started up until late 2010 despite almost US$50m having been invested in its development in the past financial year.
“Regulatory approval is still awaited,” said chief executive Andrew Marshall in the 2009 financial statement. Plans to set up a plant with refurbished lines near the Angolan capital Luanda were first announced early in 2005 with the $88m project upgraded in 2007. Originally the target start up date was mid-2009.
For the year ending 30 September, the South African-based packaging group suffered a 59 percent drop in profits after tax to R202.1 million ($27.2m), primarily as a result of a “substantial” loss in its corrugated business due to the late commissioning of its new paper mill at Rosslyn.