Exchange-Listed Companies
The deal grabbing the headlines this week is the proposed R7,2 billion acquisition of private schools group Curro by the Jannie Mouton Foundation (JMF). The delisting of the company and its reincorporation as a non-profit organisation would give it the flexibility to reinvest all profits by expanding its bursary programme and building schools in rural and lower-income areas. JMF which already holds a 3.36% stake has offered shareholders an equivalent of R13 per share – a 60% premium to the share price prior to the announcement. The R13 settlement is in the form of cash and a combination of shares in Capitec, and PSG Financial Services. While the deal will certainly redefine private education, public opinion as to the reason for the deal varies, ranging from an act of philanthropy to the need to adjust the current model, away from the shareholder spotlight, in response to the decline in demand for private schooling.
Rex Trueform has acquired a further 21% equity interest in Byte Orbit from majority shareholder A Ramdath for a purchase consideration of R21 million. The price tag will be settled through the issue of 1,69 million new N shares at R12.39 per share. Rex Trueform acquired its initial 30.2% investment in Byte Orbit in December 2024 for R21 million.
Continuing with its strategic repositioning and restructuring programme, Accelerate Property Fund has announced the sale of the Buzz and the Waterford Centre. The properties, located in Fourways in Gauteng, were disposed of to Dorpstraat Capital growth Fund (owned by Dorpstraat Property Investments, Rabie Property Group, Nedbank Property Partners and Alpha Plus) and Property House Group Investments (ultimate holders being the Wimson Trust and the Gray Trust) for an aggregate consideration of R215 million. The disposal yield is 9.5% after taking into account the agreed exit of Pick n Pay as the anchor tenant at the Buzz.
Delta Property Fund is to sell the Parkmore property situated at 142-144 Fourth Street in a category 2 transaction. Afrocentric Intellectual Property will pay R19 million in cash for the property. The sale is part of Delta’s business and portfolio optimisation strategy and proceeds will be used to reduce its debt balance.
Mahube Infrastructure has cautioned its shareholders that it has received a proposal from a third party in relation to proposed acquisition of all the issued ordinary shares in the company, excluding certain shareholders, leading to the delisting of Malhube. Further details will be provided to shareholders in due course.
Metrofile has advised that the company is still in discussions with Main Street 2093, a special purpose company through which the potential transaction will be implemented. While talks remain at an advanced stage, the company says the timeline has been extended due to regulatory engagements.
Shareholders have approved the disposal by Jubilee of the South African Chrome and PGM Operations to One Chrome announced in June for a disposal consideration of US$90 million (c. R1,59 billion).
Mantengu Mining has finalised the disposal of 30% of its shareholding in Blue Ridge Platinum (BRP) to BEE parties – a condition of the deal announced in October 2024 which saw Mantengu acquire BRP from Ridge Mining owned Sibanye-Stillwater and Imbani Platinum SPV (50%-owned by Entrepreneurs Business Group). The 30% stake was disposed of for R1.00 to the BEE consortium, represented by Vitai Resources (20%), the BRP Mine Employee Trust (5%) and the BRP Mine Community Trust (5%).
The scheduled general meeting of Ayo Technology Solution shareholders of 20 August 2025, to vote on the scheme offer by Sekunjalo Investment and delisting of the company, has been postponed a month at the request of the Public Investment Corporation. The institution requires additional time to adequately assess the merits and risks associated with holding shares in a delisted entity. Should shareholders vote in favour of the scheme, Ayo’s listing will terminate on 28 October 2025.
Unlisted Companies
Norwegian development finance institution Norfund and South African fund Infra Impact will, in partnership, invest in Green Create, a waste-to-value group with operations in South Africa and Mauritius. Green Create facilities treat both effluent wastewater as well as agricultural waste, reducing the load on the downstream municipal water treatment infrastructure as well as landfilling and generate biogas that can replace fossil fuels in industrial processes.
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