Rich Lister Geminder’s pain may be ending after $1.3b wipeout

Simon EvansSenior reporter

Aug 16, 2023 – 12.41pm

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Key Points

Why it matters: Pact Group is one of Australia’s biggest packaging manufacturers and Rich Lister Raphael Geminder owns 49 per cent of it.
It will reap $160m from selling a 50 per cent stake in its crates manufacturng and pooling business to infrastructure investor Morrison & Co.
A business which supplies coat hangers and security tags to clothing retailers bought in 2018 for $122m had a rough time, with revenues falling 17pc.

Pact Group’s bruising share price slide over the past two years, which cut the value of Rich Lister Raphael Geminder’s 49 per cent stake in the packaging company by $1.3 billion, partially reversed on Wednesday after a $160 million asset sale.

Pact sold a 50 per cent stake in one of its growth businesses, Crate Pooling and Crate Manufacturing, to infrastructure investor Morrison & Co to cut rising debt levels as it tumbled to an annual loss.