Listed Companies

Primary Health Properties (PHP) has increased the target size of its joint venture with the Universities Superannuation Scheme to £400 million (from £250 million), with a potential long-term expansion to £800 million subject to further approval. PHP, which holds a 20% stake in the partnership, will transfer nine primary care assets with a book value of c.£67 million into the joint venture. PHP will use the funds from the transfer to reduce debt.

Mantengu has entered into a sale of shares and claims agreement with the trustees of The Kudakwashe Family Trust, The Omolemo Family Trust, The Ponatshego Family Trust and the Mkogethoa Family Trust (in equal portions) to dispose of Sublime Technologies. The aggregate cash disposal consideration is R1,001. Sublime has not generated any income since June 2025 having failed to secure a new tariff agreement with Eskom. Given the energy-intensive nature of the operations it was not viable to operate at current Eskom tariffs and energy costs.

PPC, through its 88% held PPC Zimbabwe, has disposed of the Arlington Estate for a cash consideration of US$27 million. The company first announced the disposal of the vacant property, situated in Harare, in August 2025 to Transvaal Africa. However, payment for the property was not received by the inal longstop date resulting in a lapse of the agreement.

Unlisted Companies

Summit Africa, a South African fund manager, has exited its 51% investment in Custom Capital Finance. A consortium led by SAAD Investment Holdings has acquired the stake for an undisclosed sum. SAAD Investment is a long-term permanent-capital investor. The founders retain the remaining 49% stake in the business.

DealMakers is SA’s quarterly M&A publication.
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