Nampak has confirmed that the Competition Tribunal has approved the disposal of its glass business, subject to conditions.

Nampak said that the conditions imposed by the tribunal are acceptable to the parties, with one condition still outstanding, related to certain material licences and permits.

Nampak agreed to sell its glass business to Isanti Glass 1 in September 2019 for about RS 1.5bn (US$99.1 million). Isanti Glass 1 is a local subsidiary of beer maker AB InBev.

The glass business is one of two glass container manufacturers in South Africa, with an estimated market share of 25%.

Nampak has previously said that selling the glass business would enable it to focus on the metals business, which generates more than 60% of the company’s trading profit.