Exchange-Listed Companies
African Infrastructure Investment Managers (AIIM), a subsidiary within the Old Mutual Group, is to acquire a 70% stake in Port Elizabeth Cold Storage through its temperature-controlled logistics platform, Commercial Cold Holdings. The investment is funded by AIIM’s African Infrastructure Investment Fund 4 and the IDEAS Managed Fund. The acquisition adds c.15,000 pallet positions to the platform, expanding its national footprint by 10%, and strengthening its position as the largest cold storage platform on the continent. Financial details were not disclosed.
Europa Metals has announced the proposed acquisition of Marula Mining subsidiary Marula Africa Mining and its near-term in production assets in Kenya, Tanzania, Burundi and South Africa in exchange for shares in Europa at a ratio of 9 new shares in Europa for one share in Marula Africa. If the deal is successful, the transaction will constitute a reverse takeover. Europa will need to apply for re-admission of its shares to the AIM market of the London Stock Exchange. The costs of undertaking the proposed deal will be funded by Marula and is expected to generate cash flow and strengthen Europa’s position in the critical minerals sector, aligning with the global demand for electric vehicles and renewable energy materials.
Exxaro Resources has completed the disposal of Exxaro FerroAlloys to a consortium led by EverSeed Energy, through its wholly owned subsidiary EverSeed Metal Powders for a total consideration of R250 million, payable in cash on closing. Post the transaction, the domestic producer of ferrosilicon will be owned by EverSeed (60%), a 100% black-owned investor and operator in the resources and energy sectors, FerroAlloys Management (30%) and the FerroAlloys ESOP (10%). The deal became effective on 31 October 2025.
Transpaco is to acquire Premier Plastics, a manufacturer and supplier of retail plastic carrier bags to major retailers across south Africa, for a cash consideration of R128 million. The facility located in Tshwane produces bags from both virgin and recycled raw materials. Premier owns Polyethylene Recoveries which operates as a recycler of various plastic materials and a supplier of recycled High- and Low-Density Polyethylene polymer raw materials.
In June Kore Potash indicated it needed to find a suitable contract operator solution and a strategic partner with the appropriate potash mining and processing experience. Kore has received non-binding approaches from two parties with the view to exploring the opportunity to acquire an equity stake in the company. Advisers have been appointed though there is no guarantee that a deal will be signed. Shareholders have been cautioned as the company is now considered to be in an offer period.
The Board of Ethos Capital has received a non-binding offer from an unamed South African institution to acquire the residual assets which the offeror values at R626 million, reflecting a discount of 29% to the net asset value (NAV) of these assets of R881 million. Since listing Ethos has received with proceeds of R1,3 billion from the disposal of 15 assets. Over the past three years, with conclusion of the unbundling of the Brait ordinary shares, the Optasia sell down, and the proposed unbundling of the Brait Exchangeable Bonds, Ethos is in a position to return capital to shareholders and wind down the company in the short to medium term. A sale of the residual assets would leave the Optasia stake as the only remaining asset, the stake of which would be monetarised over time after the six-month lock up post the Optasia listing. Shareholders would receive the following proceeds – R4.11 per Ethos share for the Optasia stake plus R0.74 for the unbundled Exchangeable Bonds, cash of R2.45 per share from the disposal of the residual assets and an implied distribution of R1.14 per Ethos share from the proceeds of the Optasia share sale – implying an NAV of R8.44 per Ethos share – a premium to the share price pre-announcement.
Putprop’s 85.27% owned subsidiary Pilot Peridot Investments 1 has concluded an agreement to dispose of a specific portion of land known as Summit Place in Menlyn, Pretoria to Veritas 1000 for an amount of R26,5 million. The proceeds of the disposal will be applied to reduce debt and for investment income-producing properties. The disposal is classified as a Category 2 transaction.
Pepkor has concluded the acquisition of the businesses from Retailability announced in March this year. the Legit, Swagga, Style and Boardmans businesses were acquired for an aggregate R1,7 billion, representing 1.7% of Pepkor’s current market capitalisation.
DealMakers is SA’s quarterly M&A publication.
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