Amalgamated Regional Trading (ART) has seized control of Softex after acquiring Nampak Zimbabwe’s stake in the tissue and Femcare products manufacturer.
The deal is worth US$800,000. ART and Nampak jointly owned Softex with 50% apiece.
In an update ART said the transaction would result in quicker turnaround in decision making on Softex.
“ART therefore seeks to, through this transaction; streamline the decision making process at Softex by removing the need to consult backwards and forwards between ART and Nampak seeking to align interests of both shareholders before major decisions.
“[It] simplify the capitalisation process where capital decisions would now be based on a single shareholder and the ability to raise the required capital and allow the business to respond faster to the environment,” ART said.
The purchase price shall be paid in six equal monthly installments with the first installment being due on or before May 30 2021 and thereafter on or before the last day of each and every subsequent month with the last installment being due October 30 2021.
All payments to be made under this transaction shall be made in United States dollar by electronic transfer of immediately available funds to Nampak Zimbabwe Limited, ART said.
ART is involved in the manufacturing and retailing of batteries, pens, stationery, tissue products, hygiene products and forestry resource management.