Weekly Roundup: Mondi to become single holding company, PwC and Deloitte among signatories of Waste to Wealth Commitment
23 Nov 2018 --- This week in packaging news, Scientex Berhad is to further expand its flexible packaging businesses in Asia with a proposed part acquisition of Daibochi, while the boards of Mondi plc and Mondi Limited have announced a shift from the current dual listed company structure to a single holding company structure under the name Mondi plc. A number of notable companies signed the Waste to Wealth Commitment this week in London. By signing the commitment, businesses recognize the Intergovernmental Panel on Climate Change (IPCC) conclusion from October 2018 that we only have 12 years to change our relationship with the resources we use to avoid catastrophic climate change and restore the health of our environment.
In brief: Acquisitions, expansions and mergers
Global packaging manufacturer Scientex Berhad is set to further expand its flexible packaging business in Asia with the proposed acquisition of a 42.41 percent controlling stake in Daibochi through a conditional share sale agreement to be executed between Scientex and several individual vendors who hold a controlling block of shareholding in Daibochi. “This synergistic merger will create a formidable regional giant from Malaysia with extensive resources to compete globally, offering an integrated range of flexible packaging solutions to a larger client base. Further to extending our market reach, it brings together strong technical know-how and skilled talent to tap into the exciting growth prospects for this market segment,” says Mr. Lim Peng Jin, Managing Director, Scientex Berhad.
Prince Charles at the Waste to Wealth summit, London, UK.
The boards of Mondi plc and Mondi Limited are proposing to simplify the existing Mondi Group structure from the current dual listed company structure into a single holding company structure under Mondi plc. Mondi plc will continue to have a premium listing on the London Stock Exchange (LSE) and will have an inward secondary listing on the Johannesburg Stock Exchange (JSE) quoted in South African rand. The simplification will be implemented by way of a South African scheme of arrangement whereby Mondi plc will acquire Mondi Limited. Mondi Limited shareholders will receive one new Mondi plc share in exchange for each Mondi Limited share held. Following the simplification, each Mondi plc shareholder will have the same voting and capital interests in the group as each Mondi Limited and Mondi plc shareholder currently has.
In brief: Miscellaneous
During the Waste to Wealth summit, held this week in London, British Prince Charles delivered a keynote address at the Summit, where he addressed the urgent need to tackle the resource issue in the UK and explained why business is best placed to meet this challenge. Michael Gove, UK Secretary of State for Environment, Food and Rural Affairs, also delivered a speech in which he detailed how the government is to support businesses which are stepping up to this challenge. Over 40 leading businesses signed the Waste to Wealth Commitment before the Summit including Bupa, The Co-Operative Bank, Deloitte, Heineken, Iceland, Lloyds Banking Group, Marks & Spencer, PwC, Sky, Thames Water, Toyota, Unilever and Veolia. By signing the commitment, businesses recognize the IPCC conclusion from October 2018 that we only have 12 years to change our relationship with the resources we use to avoid catastrophic climate change and restore the health of our environment.
Mauser Packaging Solutions, a supplier of solutions and services across the packaging lifecycle, recently invited its Licensing and Know-How partners from around the world to the 25th International Know-How and MIPI Conference in Barcelona, Spain. The conference offered sessions on technology leadership, operational excellence and innovative products and services. Highlights came from a discussion of market challenges and opportunities, including the selection of the right material, challenges of a circular economy and the influence of international regulations on industrial packaging, as well as a presentation on the latest packaging innovations, such as the Mauser SkInliner IBC.
By Laxmi Haigh
