Exchange-Listed Companies
Following Mpact’s 2021 strategic review, its subsidiary, Mpact Operations has disposed of its Versapak division. The division was sold to Greenpath Recycling, a subsidiary of Sinica Manufacturing, for R267,75 million. Versapak produces styrene and PET trays and punnets as well as vinyl cling film out of its two plants in Paarl and Gauteng. Mpact will be apply the disposal consideration towards the settlement of debt.
Sabvest Capital has concluded an agreement with Amsterdam-based Solevo MEA to sell its 24.66% stake in agri-chemical firm Rolfes for R179,5 million. Once finalised, Solevo will dispose of 12.5% of its newly acquired stake in Rolfes to Afropulse who will be Solevo’s local partner.
BHP Investments Canada (BHP) has agreed to jointly acquire 100% of TSX-listed Filo Corp. Filo Corp owns 100% of the Filo del Sol (FDS) copper project. BHP will pay US$2,05bn for its stake. BHP and Lundin Mining have also agreed to form a 50/50 joint venture to hold the projects – FDS and Josemaria (owned by Lundin) located in Argentina and Chile. The joint venture will create a long-term partnership between BHP and Lundin to jointly develop an emerging copper district.
Zeder Financial Services (Zeder Investments) holds an 87.1% interest in Zeder Pome Investments which in turn holds 100% of Capespan Agri (CS Agri) which comprises three primary farming production units in addition to the Paarl-based operation Novo Fruit Packhouse. CS Agri is to dispose of the Novo Fruit operation, which comprises the cooling facility business and packhouse, to Dutoit Agri for a disposal consideration of R195 million, plus stock-on-hand of c.R5 million. The disposal is consistent with Zeder’s strategic review and its initiative to maximise wealth for shareholders.
Rex Trueform has entered into a subscription agreement with the remaining shareholders of Belper Investments to subscribe for additional shares in Belper. Rex Trueform first acquired an initial stake in the property company in 2022 and as part of the transactions, the company advanced a loan of R19,7 million to fund the acquisition of a portfolio of industrial properties. A further loan of R1 million was made in 2023. The consideration payable by Rex Trueform for the subscription of shares will be the extinguishment of the debt owed by Belper which amounts to R27,37 million. Rex Trueform’s interest in Belper will increase by 18.35% to 72.03%.
Sebata has alerted shareholders to the termination of transactions with Inzalo Capital. In August 2019 the company disposed of a 55% interest in the companies comprising the ‘Water Group’ namely USC Metering and Amanzi Meters and the donation of a 5% interest in the Water Group to Inzalo. In February 2020 Sebata disposed of the 55% interests in the companies comprising the ‘Software Group’ namely Sebata Municipal Solutions, R-Data and MICROmega Accounting and Professional Services and the donation of 5% interest in the Software Group. These transactions have been terminated as Inzalo Capital has not met its obligations in terms of the achievement of certain profit warranties. Sebata has, as a result, regained ownership of the equity interests originally disposed of and donated to Inzalo.
Unlisted Companies
The Mahela Group, a leading citrus and avocado producer and ZZ2 Group, a leading avocado and tomato producer, are developing a 400-hectare avocado and citrus farming operation in Weipe, Limpopo. The Skutwater project, as it is known, will see the current combined orchard size increase from 190 hectares to 400 hectares under the first phase with a potential to expand to 1,500 hectares in the second phase. There are also plans to develop expansion opportunities in neighbouring countries. AgDevCo, a specialist investor in African agriculture will take a minority equity investment.
Pepsico SA is to sell its spreads and savoury food ingredient business to Anchor Yeast, the South African unit of Canadian Lallemand International. Financial details were undisclosed.
Thebe Investment, a black-owned investment management company acquired a further 40% stake in Pride Milling earlier this year. Hybrid Capital, a division of Old Mutual Alternative Investments provided the funding to Thebe to facilitate the acquisition.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
