NewsBite

Rich Lister Geminder’s pain may be ending after $1.3b wipeout

Simon Evans
Simon EvansSenior reporter
EmailLinkedInTwitterFacebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Key Points

  • Why it matters: Pact Group is one of Australia’s biggest packaging manufacturers and Rich Lister Raphael Geminder owns 49 per cent of it.
  • It will reap $160m from selling a 50 per cent stake in its crates manufacturng and pooling business to infrastructure investor Morrison & Co.
  • A business which supplies coat hangers and security tags to clothing retailers bought in 2018 for $122m had a rough time, with revenues falling 17pc.

Pact Group’s bruising share price slide over the past two years, which cut the value of Rich Lister Raphael Geminder’s 49 per cent stake in the packaging company by $1.3 billion, partially reversed on Wednesday after a $160 million asset sale.

Pact sold a 50 per cent stake in one of its growth businesses, Crate Pooling and Crate Manufacturing, to infrastructure investor Morrison & Co to cut rising debt levels as it tumbled to an annual loss.

Loading...
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
EmailLinkedInTwitterFacebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

License article

Read More

Latest In Manufacturing

Fetching latest articles

Most Viewed In Companies

    Original URL: https://www.afr.com/companies/manufacturing/rich-lister-geminder-s-pain-may-be-ending-after-1-3b-wipeout-20230815-p5dwq4