Exchange-Listed Companies
Lighthouse Properties is to acquire Alegro Montijo, a regional mall which forms part of the greater Lisbon Metropolitan in Portugal for €177,8 million. The property is currently owned by Tiekenveen Holdings (98%), an Amsterdam-based company and Valportugal (2%). The acquisition follows two recent acquisitions in Spain.
Rand Merchant Bank (FirstRand) has disposed of RMB Nigeria Stockbrokers to Zedcrest, a Nigerian financial solutions firm. Financial details were undisclosed.
Bidvest has entered into an agreement to acquire 100% of Citron Hygiene LP, headquartered in Toronto, Canada from Birch Hill Equity Partners and other investors. Citron is a provider of washroom hygiene products and services in the US, Canada and UK. The acquisition, the value of which was not disclosed, will be fully funded through the variable rate Revolving Credit Facility. Bidvest also advised shareholders of a proposed restructure of its financial services division, with the board approving a process to dispose of Bidvest Bank and its related entity, FinGlobal. The short-term insurance businesses within the financial services division will be transferred to the automotive division. The disposal of Bidvest Life, which was announced previously, is according to the announcement, underway.
NE Property B.V., a subsidiary of NEPI Rockcastle is to dispose of the retail property known as Promenada Novi Sad for €177 million, to a Serbian subsidiary of CEE BIG B.V. The disposal is consistent with NEPI’s investment strategy to focus on core dominant properties and increase its presence in countries with investment grade ratings.
Brikor’s board of directors is considering proposing a scheme of arrangement in terms of which the shares of the remaining shareholders (excluding Nikkel Trading 392) will be repurchased. Specific details are yet to be announced but should the terms be accepted, Brikor will delist from the JSE.
Following the judgement of the Constitutional Court in March 2023 and as part of the constructive engagement process with the Department of Health, Clicks will divest of its total shareholding in the manufacturing pharmacy Unicorn Pharmaceuticals. The completion of the Unicorn disposal is expected to be completed by the end of July 2024 which will pave the way for the issue of outstanding and new licenses by the Department of Health.
The Vision Group’s business rescue plan for Tongaat Hulett, accepted by shareholders earlier this year, will see Vision acquire the claims from its lenders. Vision will use a portion of these claims to subscribe for 4,86 billion new ordinary shares in Tongaat at 101 cents per share, the effect of which will be to recapitalise its balance sheet. The equity subscription by Vision will result in it owning 97.3% of the issued share capital of Tongaat which will trigger a mandatory offer and delisting of the company unless a waiver by shareholder and the Takeover Regulation Panel is sought and granted.
Unlisted Companies
Renew Capital, a US-based Africa-focused impact investment firm that backs innovative companies with high-growth potential, has made an investment into Pumpkn, a local startup and agribusiness loan platform. Pumpkn leverages data to make credit assessments of agricultural small and medium-sized agribusinesses, assisting lenders to easily identify bankable businesses. Financial details were undisclosed.
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