Exchange-Listed Companies
Rex Trueform will increase its stake in Telemedia to 88.71% by acquiring a further 25% interest, for R14,15 million in cash, from the company’s remaining minority shareholders (excluding African and Overseas Enterprises). Rex Trueform, together with its controlling shareholder AOE initially acquired an interest in Telemedia in 2020 through the acquisitions of a 63.71% and 11.29% stake respectively. The initial investment provided the company with an opportunity to diversify its investment portfolio to include a media and broadcasting segment.
Zeder Investments continued with its strategic review of its various portfolio assets as it seeks to maximise wealth for shareholders. Following the disposal of Theewaterskloof Farm in June, Zeder will now sell Applethwaite Farm (APL) to Vredenhof Beleggings, the beneficial owners of whom are the beneficiaries of the Sass and Emma Trust. The Farm is one of three primary farming production units that comprises CS Agri. The disposal consideration is R190 million plus the value of the agricultural inputs on hand and the 2025 seasonal costs already incurred. The value of the net assets comprising APL Farming Business as at 31 December 2023 (CS Agri’s last audit) was R255,6 million. The disposal constitutes a category 2 transaction and as such does not require shareholder approval.
Discussions between TeleMasters’ two largest shareholders and an undisclosed BEE company to acquire their shares in TeleMasters are ongoing. An offer is still to be made but if accepted the result will be a change in control of the company and a mandatory offer will be made minorities. The company has also released a cautionary notice saying it was in the early stages of issuing an expression of interest for an acquisition which would be substantial if concluded, requiring shareholder and regulatory approvals.
Nutreco, a Dutch producer of animal nutrition, fish feed and processed meat products, has announced its intention to acquire Chemfit Fine Chemicals, an AECI company trading as AECI Animal Health. The disposal is in line with AECI’s strategy to streamline operations and focus on its core competencies. Financial details were undisclosed.
The disposal by Accelerate Property Fund of the Cherry Lane Shopping Centre situated in Pretoria is proving to be a headache for the property fund. The sale has been terminated three times with different buyers since the R60 million sale was first announced in December 2023. Announcing the latest termination of sale to QSPACE announced a few weeks ago, the company said it was in discussions with other potential purchasers.
Unlisted Companies
Private equity firm Sanari Capital, which is women-led and majority black- and women-owned, has announced an R80 million follow-on investment in EduLife Group, a network of independent schools offering diverse and tailor-made education across the economic spectrum. The investment will be used by EduLife to build on its foundation in the Free State and expand its offering further in the Eastern and Western Cape and potentially in Gauteng. Continued demand in existing areas of operation will see part of the funding used to expand capacity in these schools.
South African mid-market private equity Investment firm Agile Capital has acquired a significant stake in Berry Astrapak for an undisclosed sum. Berry Astrapak is a specialised manufacturer of a range of rigid moulded, and thermoformed plastic packaging products serving the African market. The group has manufacturing operations in Gauteng, the Western Cape and KZN.
HOSTAFRICA, a Cape-based online solutions provider offering a broad spectrum of online solutions including websites, e-commerce platforms and VPS services, has acquired Kenyan company deepAfrica’s hosting assets. deepAfrica will remain a holding company for its construction and web design businesses. Its hosing assets hostpoa.co.ke and jijihost.com brands will be rebranded to HOSTAFRICA. Financial details were undisclosed.
DealMakers is SA’s M&A publication.
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