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Oliver Kazunga Acting Business Editor
THE Zimbabwe Stock Exchange-listed Hunyani Holdings profit after tax for the 11 months to September 30,2014 declined by 35 percent to $1,3 million from $2 million on the back of declining revenue.

The company revealed last week that its revenue was seven percent lower to $40,8 million despite strong performance from tobacco and export sectors.

Corrugated products volumes were only two percent up on the prior year as they benefited from increased exports and tobacco packaging, the company said.

It said regulatory approvals needed to finalise the merger of CarnaudMetalBox, Mega and Hunyani Holdings into Nampak Zimbabwe had been obtained.

Regulatory approval application was made to the Competition and Tariff Commission, Reserve Bank of Zimbabwe and the National Indigenisation and Economic Empowerment Board.

The new entity will trade under Hunyani on the Zimbabwe Stock Exchange.

In August, the company’s shareholders approved its takeover by one of South Africa’s packaging giants, Nampak Holdings, which plans to inject $10 million.

In the merged entity, Nampak controls 51,43 percent interest in the merged entity- Nampak Zimbabwe while Delta Corporation that has agreed to swap its 51 percent shareholding in Megapak for a stake in the new firm will hold a 23 percent share.

Agro-processor, TSL will also swap its 40 percent shareholding in Hunyani for a 17 percent stake in the new company.

Among other significant shareholders, the National Social Security Authority and Old Mutual Life Assurance Company would have in the new entity three percent and four percent shareholding respectively.