Exchange-Listed Companies
In March, Metrofile released a cautionary advising that it was in discussions relating to the potential acquisition of the Company. This week the parties released a joint firm intention announcement in respect of Main Street 2093’s offer to acquire Metrofile (excluding the treasury shares) for a cash consideration of R3.25 per offer share for an aggregate R1,37 billion. Shareholders accounting for 52.81% of eligible shares have committed to supporting the deal. The Long Stop Date has been set at 15 April 2026.
Anglo American, through its 50.1%-owned subsidiary, Anglo American Sur S. A. (AAS), has entered into a joint mine plan with Codelco for their adjacent copper operations. The agreement is expected to unlock at least US$5 billion of value from Los Bronces and Andina copper mines in Chile. The joint mine plan has been developed to unlock an additional 2.7 million tonnes of copper production over a 21-year period once relevant permits are in place, currently expected in 2030. The 120,000 tonnes per year will be shared equally, with c.15% lower unit costs relative to the standalone operations and with minimal incremental capital expenditure. The transaction is expected to generate a pre-tax net present value uplift of at least $5 billion, to be shared equally between AAS and Codelco. Both parties will maintain the flexibility to develop separate standalone projects, including the advancement of underground resources, during the term of the joint mine plan.
In June 2025 Espacio Mediterràneo, a shopping mall in Cartagena in the province of Murcia, was acquired by Lighthouse Properties for €135,4 million, reinforcing its strategic positioning in Spain. At the time the hypermarket unit was under separate ownership and excluded from the transaction. Lighthouse has now entered into an agreement with Frey Mediterraneo to acquire the Hypermarket for €15,5 million reflecting a net initial yield of 7%.
As part of its ongoing strategic repositioning and restructuring programme Accelerate Property Fund has disposed of the commercial property 73 Hertzog Boulevard, situated in The Foreshore, Cape Town. The property has been sold to Amrichprop 2 Properties for an aggregate R68 million. The transaction is classified as a Category 2 transaction for Accelerate and as such does not require shareholder approval.
In a detailed cautionary announcement Ascendis Health notified shareholders that it had initiated a process regarding a potential delisting of the company from the JSE. Shareholders wishing to dispose of Ascendis shares will receive R0.97 per share in a conditional offer – to be accepted by shareholders holding not more than 20% of the shares in issue. In November 2023, CAN Capital IHC-led consortium offered shareholders R0.80 per share to take the Ascendis private but the transaction lapsed following an investigation by the TRP initiated due to complaints received.
OUTsurance has reached binding terms to dispose of 83% of the Group’s 14.4% interest in Entersekt. The transaction is expected to close by December 2025. The information was released in its AFS.
Visual International has received a non-binding offer from private investment and development company Serowe Industries for the acquisition of a minority stake of up to 34.9% in the company. The potential subscription of a minority stake is for an indicative subscription consideration of R60 million. The non-binding offer incorporates a request for exclusivity, of which 40 days has been granted. Visual will however issue shares for cash for R2 million by way of a bookbuild – details of which will be released separately and in which Serowe may participate.
Libstar has received non-binding expressions of interest from parties regarding the potential acquisition of all Libstar shares in issue. This follows the company’s announcement in March that the Board would assess potential strategies through which to deliver meaningful value unlock for stakeholders, alongside continued execution of Libstar’s ongoing operational and strategic initiatives.
In early September Shuka Minerals informed shareholders that the finalising of the acquisition of Leopard Exploration and Mining (LEM) and the Kabwe Zinc announced in July 2025, had been hindered due to the delay in the remittance of funds in the form of a loan from Gathoni Muchai Investments (GMI). The loan is necessary to satisfy the US$1,35 million balance of cash consideration due to the LEM vendors. GMI has confirmed that the matters are expected to be resolved by the end of September 2025 and have further confirmed their financial capacity to meet these obligations.
While the key scheme conditions for the acquisition by ASP Isotopes of Renergen have been fulfilled and the parties are optimistic that the remaining conditions can be met by 30 September as per the Circular, the decision has been taken to extend the fulfilment date to 28 November 2025.
In October 2024, Nampak announced that it would sell its 51.43% shareholding in Nampak Zimbabwe to TLS for a maximum consideration of US$25 million. This week shareholders were advised that the circumstances for TSL in motivating the transaction to their shareholders had changed and had, as a result with the agreement of Nampak, withdrawn from the proposed transaction. The plan to dispose of the stake in the Zimbabwean operation remained in place.
Unlisted Companies
African global telematics and fleet asset management business Ctrack has received a R406 million investment from Sanari Capital, through its 3S Growth Fund, (R250 million) and 27four Investment Managers (R156 million). The investment builds on Ctrack’s strategic acquisition of Inseego’s international telematics business in 2024.The transaction, which was supported with a follow-on investment by Convergence Partners, consolidated Ctrack’s global footprint and expanded its presence in key international markets. The new investment will further accelerate this global expansion and support innovation on Ctrack’s unified technology platform.
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