Nampak Switches Position On Takeover

It was reported in the press 20 April that South African packaging company Nampak has decided against taking over the country’s only flint glassmaker Zimbabwe Glass Industries (Zimglass). In 2016 Nampak made inquiries about taking over Zimglass, a subsidiary of the Industrial Development Corporation (IDC). Zimglass based in Gweru, has been insolvent since 2010 and applied for judicial management in 2014 claiming lack of capital, debt overhang, and mismanagement.