Private equity fund concludes additional 7.5% transaction in local plastic manufacturer
Local private equity investment company, Stimulus this week announced that it has successfully concluded a transaction involving an additional 7.5% investment in Polyoak Packaging Namibia.
Polyoak is a leading plastic bottle manufacturer in the country and with the additional investment Stimulus will now hold a total of 800 ordinary shares, constituting 20% of the issue capital of the Company.
The balance of the ordinary shares is owned 20% by The Fredericks Family Trust and 60% by Polyoak Packaging Group(South Africa).
Stimulus Director, Josephat Mwatotele on the Namibia Stock Exchange platform said, the transaction has the potential to enhance value for the Stimulus portfolio and increase its dividend generating capacity.
According to him, Polyoak has initiated a turnaround strategy with a new management team aimed at driving operational efficiencies and repositioning the Company for solid growth in the local market.
Meanwhile, further to the announcement, Mwatotele in regards to preference shareholders, he said as approval has been obtained from the Namibian Competition Commission, shareholders are advised that caution is no longer required to be exercised when dealing in their securities.