Sale of investment in AMVIG Holdings Limited
Sep 24, 2020, 10:04 ET
ZURICH, Sept. 24, 2020 /PRNewswire/ -- Amcor plc (NYSE: AMCR; ASX: AMC) today announced it has entered into a binding agreement with New Prospect Capital for the sale of its 47.6% equity accounted investment in AMVIG Holdings Limited (AMVIG) for cash consideration of US$124 million. AMVIG is listed on the Hong Kong Stock Exchange and the transaction, by way of share sale is expected to close in the coming days.
For the year ended 30 June 2020, Adjusted EBIT for the Amcor Group included a US$12 million contribution from the investment in AMVIG and cash flow from operations included US$10 million related to the receipt of annual dividends.
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About Amcor
Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home- and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve value chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using a rising amount of recycled content. Around 47,000 Amcor people generate US$12.5 billion in sales from operations that span about 230 locations in 40-plus countries. NYSE: AMCR; ASX: AMC
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