KENYA – Canadian Overseas Packaging Industries (COPIL), a majority shareholder, has initiated a takeover bid for East African Packaging Industries (EAPI), aiming to secure complete company ownership.
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As a key player in the production of corrugated cartons and paper sacks, EAPI holds a crucial position in supplying various sectors, including flower and tobacco exports, as well as serving regional tea producers, blenders, and the cement industry.
Its contributions are integral to the functioning of these industries, underscoring its importance and value.
Canadian Overseas Packaging Industries, headquartered in the UK and established in 1969, has utilized EAPI as a critical hub for its East African operations. Its core activities encompass manufacturing corrugated paper, paperboard, sacks, and bags.
EAPI underwent delisting in 2003 following COPIL’s initial takeover bid. This bid resulted in the acquisition of a 92.1% stake, leaving 242 minority shareholders. Subsequently, efforts have been made to engage with 132 former shareholders to finalize the takeover process.
A notice published in the Kenya Gazette notifies shareholders of the takeover offer and indicates COPIL’s intention to acquire the remaining EAPI shares.
This offer is in full compliance with the regulatory framework outlined in the Companies Act, No. 17 of 2015, which governs business operations in Kenya.
This transparent approach ensures that all stakeholders are fully informed and can make decisions based on accurate information.
Furthermore, shareholders are informed that they can access a copy of the Letter of Offer detailing the terms of the takeover bid at EAPI’s registered offices along Waiyaki Way, free of charge, during regular business hours on weekdays.
This offer marks a significant milestone for Kenya’s packaging industry, affirming investor confidence in the sector and the region’s economic potential.
Dune Packaging has recently secured KES1.6 billion (US$12.08m) in equity funding from Ascent Rift Valley Fund II (“Ascent”).
With Ascent’s support, Dune Packaging aims to bolster its innovation, expand into new markets, enhance its environmental, social, and governance (ESG) practices, and strengthen operational capabilities.
Led by Tradeways, a specialist advisory boutique focusing on the Middle East and Sub-Saharan Africa, the transaction saw legal advisories from Bowmen, supporting Dune Packaging, and DLA Piper Africa, Kenya (IKM Advocates), representing Ascent.
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