Why it matters: Rich Lister Raphael Geminder wants to buy the remaining 50 per cent of Pact.
He also owns 66 per cent of Pro-Pac Packaging, which made a $10 million annual loss.
Kin Group says paying down debt at Pact is a priority, and suspension of dividends will be maintained.
Rich Lister Raphael Geminder’s private company has warned shareholders in Pact Group that dividends are on hold indefinitely, as part of his audacious privatisation offer.
Pact’s chief executive told staff it is “business as usual”.
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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
