Exchange Listed Companies

In May, a consortium comprising Remgro and MSC Mediterranean Shipping Company proposed to the Board of Mediclinic International a possible cash offer to acquire the Mediclinic shares not already held by Remgro at a price of 463 pence (R88,43) per share. The proposal was rejected by the Board of Directors as it believed that the offer significantly undervalued Mediclinic and its future prospects. Remgro, which currently holds a 44.6% stake in Mediclinic, released an announcement this week following press speculation saying that following the rejection of the proposal the Consortium was considering its position and may make a further offer but reserved the right to do so at a lower value or on less favourable terms.

AfroCentric Investment subsidiary, AfroCentric Health, has acquired the remaining 49% stake in AfroCentric Distribution Services from WAD. The decision to bring the specialised marketing and sales company in-house stems from the critical role it performs in the Group’s growth strategy for medical schemes and the new generation products. The stake will be acquired for an aggregate purchase consideration of R75 million.

Heriot Properties, a wholly owned subsidiary of Heriot REIT, together with concert parties Heriot Investments and Reya Gola Investments, have made a general offer to Safari Investment RSA shareholders to acquire Safari shares. Together the concert parties hold 33.1% stake in Safari and are offering shareholders R5.60 per share. The Takeover Regulation Panel has confirmed that should acceptance exceed the 35% threshold, as a result of the general offer, the parties are not required to make a mandatory offer to Safari shareholders.

Santam has acquired the remaining 49% stake in JaSure, an app-based insurance provider for an undisclosed sum. JaSure has a younger market reach which Santam intends to leverage with its efficiencies and wider distribution capability.

The announcement in April by ROX Equity Partners of its intention to acquire all the issued shares in Silverbridge at R2,00 per share, has been amended to waiver certain of the offer conditions following the release of the independent expert report which concluded that the offer was unfair but reasonable. Delisting of the company will not be pursued and following the implementation of the general offer, the shares will remain listed on the JSE.

The mandatory offer by MCC Contracts and African Phoenix to acquire the remaining 62.23% of the shares in enX at an offer consideration of R5.60 per share closed on June 3, 2022. Only 103,371 enX shares were tendered representing 0.06% of the issued share capital. Following the transaction, the offerors will collectively hold 37.83% of the listed company.

Unlisted Companies

Crossfin Technology, a South African fintech group, has acquired a significant stake in payments and technology company Vantage Africa for an undisclosed sum. Trading as VantagePay, the cloud-based platform provides payment solutions to address the massive latent demand for access to trusted financial services in Africa.

Sonnedix Power, a global independent power producer, has disposed of its South African solar business which owns a 60% interest in the 75MW solar farm known as the Prieska Project in the Northern Cape. Financial details of the disposal to pan-African BTE Renewables were not disclosed.

Franc, a local fintech app, has raised R8 million in a seed extension round led by 4DX Ventures and has announced a B2B offering Franc Business, a low cost and easy way to invest app. The funds will, in part, fund this initiative.

Cape Town venture capital firm HAVAÍC has invested US$400,000 in Nigerian multi-channel retail company ShopEX. The retailer mobilises a combination of traditional and digital channels to market, sell and distribute successful and global brands in Nigeria and other African markets. The capital injection will allow ShopEX to scale its presence into new markets.

MFS Africa, a pan-African digital payment company, headquartered in Johannesburg, has, for an undisclosed sum, acquired US Global Technology Partners (GTP) in a deal which will scale the business to the next growth stage; widening its offering to Africa’s gig economy, the business travel market and millions of individuals through card credentials linked to mobile money wallets for secure online purchases. In addition, the deal will be used by MFS to leverage off GTP’s presence in the US to expand its activities in North America.

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