Exchange-Listed Companies

This week, Sanlam disclosed in its annual financial statements that the group had agreed to subscribe for additional shares in Indian conglomerate Shriram’s wealth and stockbroking businesses increasing its effective economic shareholding from 26% to 50%. The group also subscribed for additional shares in Shriram’s listed asset management operations to increase its effective economic shareholding from 16.3% to 34.8%. The combined aggregate purchase price of R946 million is to be funded from discretionary capital.

Lighthouse Properties is to acquire the Alcalá Magna mall in the greater Madrid metropolitan area. The mall which serves as the commercial centre of Alcalá de Henares will be acquired for a total gross purchase consideration of €96,3 million from Trajano Iberia, a listed company of BME Growth, representing a gross asset yield of 7.6% (before transaction costs).

Healthcare REIT Assura plc has disposed of seven assets into its £250 million joint venture for a gross consideration of £64 million. Assura retains a 20% equity interest in the joint venture resulting in net proceeds of £51 million. The proceeds will be used to reduce acquisition debt used to finance the £500 million private hospital portfolio acquired in August 2024 at a 5.9% yield on cost.

AECI plans to implement a new broad-based ownership scheme which will see the AECI Foundation subscribe for a new class of ordinary shares in AECI Mining. The Foundation will hold an effective interest of 15.5% in AECI Mining which comprises the AECI Mining Explosives and AECI Mining Chemicals divisions. 73,59 million AECI Mining B shares will be issued, equivalent to a total transaction value of R522 million, equating to an issue price of R7.10 per B share. The Foundation will fund the consideration through a cash contribution from AECI Mining for 35% and notional vendor financing for the remaining 65%. The Foundation will receive trickle dividends equating to 20% of the distributions made related to its shareholding in the local operations of AECI Mining in the first 10 years, and 25% of the relevant cash distributions thereafter for the balance of the notional vendor financing period. The balance of the dividends attributable to the B shares will be applied towards servicing the notional vendor financing. The transaction is a category 2 deal with no shareholder approval required.

In a move to diversity and strengthen its portfolio, Labat Africa is to acquire a 51% stake in Ahnamu, an ICT importer and distributor of computer hardware solutions across the SADC region. The acquisition will complement recently acquired Classic International. Labat will pay R25 million for the stake to be settle by way of the issue of 200 million share at an issue price of R0.10 per share (a premium of 25%) and R5 million in cash.

The recently JSE-listed UK real estate investment trust Supermarket Income REIT plc has reached an agreement with Atrato Group to internalise its management function – subject to shareholder approval. The £19,7 million which it will pay Atrato, will be funded from the proceeds recently received from the sale of its large format omnichannel Tesco store in Newmarket.

Transcend Property Fund, a subsidiary of Emira Property Fund, has disposed of its interests in several residential properties to The Urban Impact Rental Trust for an aggregate consideration of R530 milllion. The target properties which are located in Pretoria and Johannesburg include Molware, Urban Ridge East, Urban Ridge West and Urban Ridge South.

MultiChoice and Groupe Canal+ have extended the Long Stop Date for the fulfilment of conditions for the implementation of the offer to MultiChoice minorities. The extended date is 8 October 2025.

UK investor in modern primary healthcare properties, Primary Health Properties plc has acquired state-of-the-art Health & Wellbeing Clinic which offers urgent care and diagnostic facilities in Cork, Ireland. The property, acquired for €22 million, at an accretive earnings yield of 7.1% is fully occupied and leased to Laya Healthcare, part of AXA.

Sable Exploration and Mining (SEAM) has entered into a Memorandum of Understanding with Boo Wa Ndo, for the acquisition of a 55% interest in the prospecting rights and mining permits over the properties Moskow and Zoetvelden farms in the Limpopo province. These properties contain Vanadium, Titanium and Magnetite resources. SEAM will issue 6 million shares at R1 per share for the stake. The transaction is a category 2 transaction and as such does not require shareholder approval.

MAS plc has entered into an agreement with Prime Kapital for PKM Development (the joint venture) to repurchase the 60% equity held by Prime Kapital which will give MAS control, terminating the joint venture 10 years earlier than the minimum contractual term. Because this is a related party transaction in terms of the JSE Listing Requirements, a circular will be sent to shareholders in due course. In addition, MAS has completed the disposal of its Strip Malls in Romania for a cash consideration €43,6 million.

Rex Trueform has acquired a further 5.72% stake in unlisted property fund Belper Investments for a cash consideration of R3,86 million, payable in monthly tranches from 3 March 2025 to 1 August 2025. The deal increases the company’s stake in Belper Investments to 84.74%.

Following the rezoning of vacant land known as Stellendale Gardens in Cape Town, Visual International has acquired the property for R28 million from related party RAL Trust. The development of Stellendale Gardens envisages a mixed-use development including retail, commercial, offices and residential accommodation. Visual is currently developing NSFAS approved Stellendale Junction apartments for students.

Unlisted Companies

UK-based RSK Group has acquired Pegasys, a strategy and management consulting group. Headquartered in Cape Town, Pegasys specialises in developmental impact in emerging economies with expertise in the development and management of climate change, cities, energy, resilience, transport, waste, and water sectors. The deal will accelerate Pegasys’ growth and broaden its global impact.

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