Exchange-Listed Companies

Aspen Pharmacare has concluded an agreement with Eli Lilly Export, a subsidiary of US pharmaceutical company Eli Lilly and Company. In terms of the agreement, Aspen will distribute and promote Eli Lilly’s products in South Africa and in certain other sub-Saharan African countries for an initial term of 10 years, automatically renewable for two further periods of five years. Aspen will pay US$41,5 million for the distribution rights.

Subdued demand for metal can products manufactured at Nampak’s Nigerian operation resulted in its closure from 31 July 2023. Nampak has since entered into an agreement to dispose of the Nigeria Metals property and equipment to Associated British Foods’ subsidiary Twinings Ovaltine Nigeria for NGN7,5 billion (c.R180 million).

In a move to internalise its asset management function, Delta Property Fund will acquire Delta Property Asset Management from the DPAM Employee Benefit Trust. The purchase consideration of R1000 will be settled by the issue of 7,692 shares to the Trust.

Sebata has acquired Valley View Industrial Park in New Germany, KZN from Reunert for R32 million. The acquisition is a Category 2 transaction and as such does not need shareholder approval.

Unlisted Companies

UEM Sunrise, a Malaysian property developer will divest from the South African market with the disposal of an 80.4% stake in Roc-Union, a provider of real estate services, to Azishe Properties for R118,4 million. The disposal is in line with the company’s turnaround strategic plan to realign its operations geographically and redirect resources to businesses and areas which offer greater potential.

South African on-line subscription platform Rentoza has raised US$6 million in funding from Alitheia IDF and Vumela Enterprise Development Fund. Rentoza dematerialises ownership of technology devices and appliances for consumers and is South Africa’s first pure play subscription model for digital goods and appliances, providing an affordable, accessible and flexible e-commerce ecosystem. The investment will be used to scale the technology enabled platform and business regionally.

InsureTech platform LeaseSurance, has raised R3 million in a seed funding round led by Fedgroup Private Capital. The platform offers lease insurance to SA’s residential operators and asset owners, reducing the administrative burden by replacing cash deposits with affordable monthly fees and so lowering bad debts. The capital injection will be used to enhance its insurance offering by further developing its technology solutions for the industry.

DealMakers is SA’s M&A publication.
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