South African container glass manufacturer Nampak has completed the disposal of its glass business.
It has previously said it would use the proceeds of the sale of reduce its debt.
"The proceeds were received in cash on 31 March 2020," the company said in an update to shareholders.
Nampak announced its intention to sell Nampak Glass - which manufactures beer, spirit and wine, water and juice bottles, as well as food jars - in September 2019, with Isanti Glass 1 named as the buyer for about R1.5 billion ($80.5 million).
The sale was earmarked to reduce its debt levels. Nampak previously said the payment would consist of R992 million ($53.1 million) for the property, plant and equipment of Nampak glass, plus the value attributable to the agreed levels of net working capital of the business at the closing date, which is estimated to be R500 million ($26.8 million).
The sale of the glass business to Isanti Glass 1 was approved by the South African Competition Tribunal in February.
