Novus Holdings crosses 50% Mustek stake with US19.1M offer reserved as printing, packaging segments reshape South African market

SOUTH AFRICA – Novus Holdings has increased its stake in JSE-listed Mustek to 50.39% after acquiring an additional 6 million shares, while reserving R311 million (US$19.1 million) for a mandatory offer amid Takeover Regulation Panel proceedings.

The printing and packaging firm disclosed in audited results released on 12 June 2026 that on 4 May 2026, the group, Numus Capital and the Takeover Regulation Panel concluded a settlement agreement. 

Novus directors confirmed the group remained committed to fulfilling the mandatory offer for all Mustek shares it does not already own. 

The initial offer was delayed because a TRP investigation prevented the issuance of a certificate of compliance, with the TRP having determined in December 2025 that Numus Capital was a concert party of Novus, requiring the cash consideration to increase. 

No currency conversion was required beyond the R311 million (US$19.1 million) reserve disclosed, using the exchange rate of R16.28 per US dollar.

How Print Revenue Fell 9.9% as Packaging Margins Climbed to 20.1%

Novus reported that its Print, Education and Packaging segments saw turnover decline by 9.9%, 18.1% and 5.1% respectively, but a 141.1% rise in the Publishing and Distribution segment offset these declines. 

Group revenue ended 0.7% lower at R4.2 billion (US$258 million), while EBITDA fell to R562.4 million (US$34.5 million). 

Despite the top-line contraction, Packaging gross margin improved from 19% to 20.1%, with the segment achieving operating profit of R84.4 million (US$5.2 million), an increase of 8.9% driven by focused cost control. 

In Print, Publishing and Distribution, gross margin improved to 28.3% from 25.4%, supported by operational efficiencies, lower global paper prices and favourable exchange rates.

What the Printing and Packaging Segment Shifts Mean for South African Converters

Novus directors acknowledged a challenging trading environment with various headwinds but stated that management had remained focused on executing strategic initiatives and growth projects expected to enhance operational efficiencies, strengthen market positioning and unlock new revenue opportunities. 

Capital expenditure amounted to R121 million (US$7.4 million), with spend primarily directed toward equipment in the Print segment. 

The packaging segment’s operating profit increase of 8.9% demonstrates that focused cost control can deliver margin expansion even when top-line revenue contracts in a difficult macroeconomic environment.

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