Pact
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Pact Group Announces Voluntary Delisting from ASX
Pact Group Holdings Ltd. has announced its decision to voluntarily delist from the Australian Securities Exchange (ASX). The company also provided a business update for Q3 FY25, reporting a 2.7% increase in revenue from continuing operations, attributed to higher volumes in the Materials Handling & Pooling segment. Additionally, Pact is undergoing debt refinancing and strategic reviews, including a potential divestment of its Asian packaging and closures business. Early Q4 demand signals are soft due to tariff tensions, high living costs, and supply chain disruptions. The company is also involved in ongoing litigation related to a previous acquisition.
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Pact Group Nears Takeover Completion by Kin Group
Bennamon Industries Pty Ltd, a subsidiary of Kin Group, has made an off-market takeover bid for Pact Group Holdings Ltd, with the offer closing on April 30, 2024. Already controlling 87.40% of Pact shares, Kin Group encourages the remaining shareholders to accept the purchase offer at $0.84 per share, promising payment within 5 business days of acceptance. No Pact shareholders have withdrawn their acceptance during a recent withdrawal period, indicating strong shareholder support for the takeover.
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Pact Group Holdings Reports Revenue Growth Amidst Operational Changes
Pact Group Holdings Ltd reported a 3.5% increase in revenue from continuing operations for the first half of FY25, driven by growth in the Materials Handling & Pooling segment. Despite a significant drop in reported net profit after tax due to the absence of the Crates Business, the company saw an 11.8% rise in underlying EBIT from continuing operations, reflecting improved revenue performance and cost savings from its Transformation Plan. The sale of Viscount Rotational Mouldings Pty Ltd contributed $21.2 million in net cash, although the business was not a major line for the group. The company faces challenges with resin supply and pricing due to the closure of Qenos in Australia, impacting the supply chain.
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