Daikon Investments (Pty) Ltd, an entity linked to the Pupkewitz family has acquired a controlling 55.2% equity in Namibia Plastics & Packaging Distributors.
The remaining 44.8% equity is held by Spitz Capital, an Unlisted Investment Vehicle with the Government Institutions Pension Fund (GIPF), managed by Königstein Capital.
The Namibian Competition Commission approved the merger on 29 September 2022, and the closing for the transfer of shares was completed on 30 January 2023.
Daikon and Spitz Capital have injected N$80 million of capital to double production capacity, increase the company’s presence in the region, and achieve an 80% export ratio in the coming years.
“We are excited to finalise this transaction which is a reflection of our desire to strengthen the industrial base of the country through export-orientated growth. The future of the business holds not only further expansion, but also the realization of our ambition to create a circular economy for plastics,” Daikon Director, Andrea Barry said.
Namibia Plastics’ Co-Founder and CEO, Johan Struwig, said, “this acquisition brings us one step closer to achieving this goal as it opens the doors to several opportunities in both the domestic and international arena. In addition to the second production line, further capex expansions have been approved by the shareholders, which include the establishment of an in-house recycling plant to recycle post-production waste.”
The company plans to establish an in-house recycling plant to reduce the use of “virgin plastic material” and allow the same amount of plastic to be used multiple times in various applications. This move will not only benefit the environment but also reduce the amount of plastic produced annually.
Struwig also announced that 10% of the sale proceeds will be re-distributed to Namibia Plastics employees.
Moreover, the company is in the process of implementing a solar system to power its operations.
With these developments, Namibia Plastics hopes to cement its position as a leading manufacturer and distributor of flexible plastics in Namibia and the region.
