By Staff Reporter
WINDHOEK, Feb. 15 — The controlling share of Namibia Plastics & Packaging Distributors (Pty) Ltd, or 55.2%, was recently acquired by Daikon Investments (Pty) Ltd from Johan Struwig, Co-Founder and CEO (CEO). The company is a major producer, importer, retailer, and distributor of flexible plastics used in a variety of industrial applications, including the packaging of wet and dry food goods.
Following the merger’s clearance by the Namibian Competition Commission on September 29, 2022, the closing for the transfer of shares owned by Namibia Plastics to Daikon was finished on January 30, 2023. Spitz Capital, a Regulation 13 Unlisted Investment Vehicle with the Government Institutions Pension Fund (GIPF) as the major investor, is the company’s 44.8% co-shareholder in Namibia Plastics. Königstein Capital, a Namibian investment manager founded in 2009 by Albie Basson, oversees Spitz Capital.
“We are thrilled to finalize this deal, which is a reflection of our desire to improve the industrial basis of the country through export-oriented growth,” Daikon Director Andrea Barry said in response to the merger. Prior to the deal’s closing, Spitz Capital and I invested an additional N$80 million in the company to double its production capacity and enable it to expand across the area, increasing its presence from 60% to 80% of exports over the ensuing years. The company’s future holds not only more growth but also the accomplishment of our goal to develop a circular economy for plastics.
The company has already doubled its output with the arrival of a second extrusion line from Europe in early November 2022. Johan Struwig, Co-Founder and CEO of Namibia Plastics: “For the past eight (8) years, our purpose and corporate mission have been to become the market leader everywhere we serve. 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 arenas. 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. This material can be re-introduced into the manufacturing cycle, reducing the use of ‘virgin plastic material’ and allowing the same amount of plastic to be used multiple times in various applications. The benefit for the environment is that the amount of plastic produced annually is reduced.” Struwig went on to say that although Windhoek is not experiencing power supply problems like South-African cities, and the facility can consistently deliver high-quality output, it is also in the process of implementing a solar system for maximizing the city’s sunny conditions.
Namibia Plastics is also known for its corporate culture of empowering its people to grow, develop and succeed to enhance the lives of its collective team (and valued customers). “Everybody matters and is included in the journey. Therefore, I am also pleased to announce that more than 10% of the proceeds of the sale of my shareholding in the company is in the process of being re-distributed to the people of Namibia Plastics to recognize their commitment to owning, supporting, and driving the company’s strategies and ensuring its future success. We will continue nurturing our slogan, ‘Beyond Success to Significance’, which is built on the pursuit of finding value, meaning and purpose in serving and making a difference in the lives of others”, concluded the CEO, Johan Struwig.
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