Listed Companies
In a two-step transaction, Exxaro Resources will sell the Moranbah South coking coal project in Australia to Stanmore Resources for US$105 million. The asset was classified by Exxaro as non-core. In an initial step, Exxaro will exercise its pre-emptive right to acquire Anglo American’s 50% stake in Moranbah, temporarily holding a 100% stake. Immediately Exxaro will on sell the full 100% shareholding to Stanmore Resources. The transactions were triggered by Anglo selling its Australian coal portfolio to Dhilmar QLD ahead of its merger with Teck Resources.
PBT has introduced a new B-BBEE investor by way of a 30% shareholding in subsidiary PBT Innovation. The group will consolidate various operating businesses and related intra-group funding arrangements (R625m) under PBT Innovation. TheIntrepid will invest R50 million which will be locked in for eight years. PBT will use the proceeds of the BEE subscription together with available cash resources to repurchase c.13,8 million PBT shares, representing 14% of the company’s issued share capital by way of a specific repurchase for R7.50 per share, an 8.7% premium to the 30-day VWAP. This repurchase will largely offset the dilution arising from the BEE partnership subscription. A put option granted to TheIntrepid may require PBT to acquire the shares in PBT Innovation held by the BEE party in exchange for the issue of new PBT ordinary shares.
Standard Bank and Java Capital have entered into a strategic partnership designed to bring innovative capital-raising, advisory, financing and co-investment solutions together in an integrated platform. Initially the focus will be on South Africa’s real estate, infrastructure and broader real estate asset sectors.
Negotiations between Sebata and a non-related third party regarding the potential disposal of certain assets has, according to the company, been terminated.
Shareholders of Mahube Infrastructure have been cautioned that the company has entered into discussions with a consortium, of which the CEO of the company is a member, to acquire the remaining shares not already held in the listed entity.
Unlisted Companies
BetterHome Group, an established participant in the South African residential property market, is to acquire Mortgage Support Services, the parent company of Stonebridge Mortgage Solutions and a portfolio of UK mortgage, protection and technology businesses. The acquisition represents an expansion of its footprint in the UK following the investment in HLPartnership in 2024.
DealMakers is SA’s quarterly M&A publication.
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