Over at the Reserve Bank, Tito Mboweni was unaccustomed to probing questions from cheeky activist shareholders, unless you count us at the Trade Tatler when he raised the repo rate once too often. Now he’s the Chairman of the Nampak Board, different story. At last week’s AGM, shareholder Chris Logan was banging on about how it might be sensible for Nampak to impair the value of its substantial operations in Angola and Nigeria, given that the artificially pegged currencies of those oil-dependent geographies could expose Nampak to foreign exchange losses of up to R500m. Following so far? Good. Chairman Tito, as we still like to call him, averred that Nampak was still committed to growth in Africa, as it is a continent whose “time still has to come.” In FY2015, Africa, excluding the Beloved Country, contributed 27% to Nampak’s revenue and 48.5% of trading profit. 31% of capex went north, including a R425million investment in Angola.
Comment: Like Nampak’s millions, the oil price will head north once more, and Chairman Tito will rest easy in the knowledge that he’s done the right thing by the shareholders.