Exchange-Listed Companies

Premier Group has acquired a 30% shareholding in rice distributor Goldkeys International for a cash consideration of R313,6 million. The company, which imports rice, supplies branded Thai and Indian sourced rice under its brands Golden Delight, Golden Pride and Light & Right. The investment builds on the May 2023 relationship when Premier entered into a Sales, Merchandising and Route to Market Services agreement.

Nedbank Private Equity (Nedbank) has disposed of its stake in Entersekt to Pape Fund 3 for an undisclosed sum. Entersekt provides financial institutions with digital banking fraud prevention and payment security solutions through its cross-channel, Context Aware™ Authentication platform.

Heriot REIT is to acquire the shares in CTSE-listed Thibault REIT. Heriot will issue 63,886,124 consideration shares valued at c.R1,1 billion equating to an exchange ratio of 62 new Heriot shares for every 100 Thibault shares. In addition to its current retail, office and residential portfolio of 87 521.67m², Thibault holds a 10.02% interest in Safari REIT and a 19.33% interest in Texton REIT. Heriot Investments is a material shareholder of Heriot holding c.86.76% of the issued share capital and is also a material shareholder of Thibault, holding c.97.66% of the issued share capital of Thibault. Thibault will delist from the CTSE on 9 July 2024.

Delta Property Fund has disposed of the property situated at 215 Peter Mokaba Road in Morningside, Durban. The Lexis Nexis Building was sold to Icebolethu Funerals for a cash consideration of R37,38 million.

Exemplar REITail has concluded an agreement to acquire Eerste River Mall in Stellenbosch from the Klein Welmoed Trust for a cash payment of R282 million.

The R60 million sale of Cherry Lane Shopping Centre by Accelerate Property Fund to Cadastral Assets announced in March has been terminated. Accelerate has entered into another sale agreement to dispose of the property, this time with QSPACE for a cash consideration of R57 million.

Visual International has cancelled its related party acquisition of a 20% stake in Tuin Huis. The terms of the deal, announced in March 2023, were that Visual would be responsible to build and project-manage all development projects undertaken by Tuin Huis at cost, with the intention to complete at least three Infill Housing Projects per year. However, due to the Infill Housing project running at a loss due to the weaker property sector over the past year and a change in strategic vision by the company, the parties have agreed to the cancellation of the transaction.

Unlisted Companies

Admaius Capital Partners, headquartered in Rwanda, has acquired a stake in Johannesburg-based The Particle Group (TPG), a manufacturer and retailer of specialist chemical products used in mining processes. Admaius is investing alongside TPG’s senior management via an exit by the Synerlytic Group. Financial details were undisclosed.

DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com