Daikon Investments (Pty) Ltd, a branch of the Pupkewitz and Barry family business, has acquired the controlling share of 55.2 per cent of Namibia Plastics and Packaging Distributors from co-founder and Chief Executive Officer, Johan Struwig.
The 44.8 per cent co-shareholder in Namibia Plastics is Spitz Capital – a Regulation 13 Unlisted Investment Vehicle with the Government Institutions Pension Fund as principal investor. Spitz Capital is managed by Königstein Capital, a Namibian investment manager established in 2009 by Albie Basson.
Namibia Plastics and Packaging Distributors is a leading manufacturer, importer, reseller and distributor of flexible plastics for industrial purposes and for the packaging of wet and dry food products, amongst other applications.
According to a media release issued on Tuesday by Namibia Plastics and Packaging Distributors, the closing of the transfer of shares was completed on 30 January 2023, following the approval of the merger from the Namibian Competition Commission on 29 September 2022.
Daikon Director Andrea Barry welcomed the merger, noting that it is a reflection of Daikon’s desire to strengthen the industrial base of the country through export-orientated growth.
“Together with our co-shareholder, Spitz Capital, we have injected further capital of N. dollars 80 million ahead of the closure of the deal to double production capacity and enable the business to increase its presence across the region, moving from a 60 per cent export ratio to 80 per cent over the coming years,” she added.
Meanwhile, Struwig explained that for the past eight years, Namibia Plastics and Packaging Distributors’ purpose and corporate mission has been to become the market leader everywhere it serves, adding that this acquisition brings the company one step closer to achieving this goal as it opens the doors to several opportunities in both the domestic and international arena.
“In addition to the second production line, further capex expansions have been approved by the shareholders, which include the establishment of an in-house recycling plant to recycle post-production waste. This material can be re-introduced into the manufacturing cycle, reducing the use of ‘virgin plastic material and allowing the same amount of plastic to be used multiple times in various applications,” he said.
Struwig stressed that the benefit for the environment from this is that the amount of plastic produced annually, is reduced.
Source: Namibia News Press Agency
