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Mondi Group
Mondi Group

Mondi's unbundled unit to list in July


Fin24 - May 31st 2011, 07:19

Johannesburg - Paper maker Mondi said on Tuesday its South African packaging business, which it plans to spin off from the group, will be listed on the Johannesburg Stock Exchange in July under a new name. 

Mondi, which is also listed in London, said in a statement that the unit's new name will be Mpact Limited.

Mpact's listing and commencement of trading on the South African bourse will be on July 11, the company said. The new name will only be effective from the listing date.

The company had said in April that the demerger would provide shareholders with a clear benefit as both businesses would take better advantage of their respective growth opportunities.

Mondi is mainly involved in the manufacturing of packaging paper. Mondi Packaging has 22 manufacturing operations and 29 operating sites in South Africa, Namibia, Mozambique and Zimbabwe. 

Read more about: paper | packaging

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