A black empowerment consortium has acquired just more than 25% of listed packaging group Astrapak’s subsidiary Pak 2000, a leading manufacturer of plastic containers for the petrochemical industry, it was announced on Wednesday.
The consortium comprises Durban-based entrepreneurs Michael Maziya and Anand Raidoo. Maziya has extensive experience in the energy sector and Raidoo, a chartered accountant, has a long-standing relationship with Astrapak and Pak 2000 as a financial consultant and auditor.
The sale of shares to Raidoo and Maziya for R12,5-million is to be settled over a seven-year period through a combination of cash and vendor finance in the form of a preference share structure.
Marco Baglione, divisional chief executive of the Astrapak Rigids Division, says the company now conforms with the charter for the petrochemical industry.
“Our primary market is the lubricants sector, which is governed by the petrochemical industry charter, so we felt it appropriate that we should conform with the same requirements as our primary customers,” he said.
Maziya and Raidoo will become non-executive directors of the company.
“We expect this deal to have a positive impact on our business in the long term. Michael and Anand will be intimately involved in shaping the future strategic direction of the company and helping in the development of new market opportunities.”
Pak 2000’s primary business is the supply of blow-moulded polyethylene containers to the motor-vehicle lubricants sector. — I-Net Bridge