[Africa] Nampak Scraps Dividend And Will Sell Property To Reduce Debt

Packaging manufacturer Nampak scrapped its half-year dividend saying it would also reduce its property portfolio to cut debt. The announcement sent shares plummeting 10%. Nampak, which has operations in 12 African countries, said challenging economic conditions prompted it to forego an interim dividend and it aimed to raise R1.744 billion ($111 million) by selling non-core properties. To read this story in full, please visit: reut.rs/1XPgcSN