TSL seeks shareholders’ approval for Nampak deal

SAMANTHA MADE

Tobacco Sales Limited (TSL) is moving to secure shareholders approval for its proposed acquisition of a 51.43% stake in Nampak Zimbabwe Limited.

The latest development was confirmed by TSL company secretary Fadzayi Pedzisayi, who said the approval process will take place at an extraordinary general meeting (EGM). The company is still finalising the Sale and Purchase Agreement (SPA) with Nampak Southern Africa Holdings Limited (Nampak SAHL).

“The company and Nampak SAHL are still engaged in processes to finalize and execute the Sale and Purchase Agreement. The transaction will require shareholder approval, which will be sought at an EGM,” Pedzisayi stated.

Once the agreement is signed, TSL will issue a circular detailing the transaction, a notice of the EGM, and the required shareholder resolutions. At the EGM, shareholders will be required to formally approve the acquisition, as per regulatory requirements.

TSL has assured investors that further updates will be provided as material developments occur. The company has also urged shareholders to exercise caution when trading its securities until the transaction is concluded.

TSL Limited, listed on the Zimbabwe Stock Exchange, operates as a diversified holding company with interests in logistics, agriculture, and real estate

In 2024, TSL tabled a US$25m offer to acquire Nampak SAHL’s 51.43% stake in Nampak Zimbabwe, as the parent company moved to divest from its Zimbabwean operations.

The acquisition marks a significant step in TSL’s expansion strategy. If successful, the deal could strengthen its market position and enhance its long-term growth prospects.