TSL clears CTC hurdle
SAMANTHA MADE
Tobacco Sales Limited (TSL) has cleared a key regulatory hurdle after the Competition and Tariff Commission (CTC) approved its acquisition of a 51.43% stake in Nampak Zimbabwe Limited.
The development, announced by Nampak’s company secretary, Sheila Lorimer, marks a significant step toward completing the $25 million deal.
“Further to the cautionary announcement dated August 13, 2025, regarding the proposed disposal of a 51.43% shareholding in the company by Nampak Southern Africa Holdings Limited (the Seller), shareholders and the investing public are advised that the Seller and TSL Limited (the Purchaser) have concluded a sale and purchase agreement in respect of the sale, which agreement remains subject to various suspensive conditions. At this stage, CTC approval has been obtained,” Lorimer said.
She added that the transaction still requires TSL shareholder approval. “There remain certain regulatory conditions and TSL shareholder approval outstanding,” she noted.
Last month, TSL confirmed it was awaiting CTC approval for the proposed acquisition, part of Nampak’s strategy to divest non-core assets and reduce debt.
The company’s group secretary, Fadzayi Pedzisayi, had earlier stated: “Following the Further Cautionary Statement dated June 17, 2025, the Board had anticipated that the Company would have received the determination from the CTC and then published the Shareholder Circular and notice of the EGM. While the determination from the CTC is pending, please note that further announcements will follow.”
She also confirmed that Nampak SAHL and the company had executed a Share Purchase Agreement, with shareholder approval to be sought at an Extraordinary General Meeting (EGM). “The Company and Nampak SAHL executed a Share Purchase Agreement. The transaction is subject to shareholder approval, which will be sought at an EGM.”
