A State Pension Fund Takes Balwin Private in the Latest JSE Exit
Balwin Properties shareholders voted to go private in a deal led by South Africa's state pension manager, at a price well below the developer's tangible book value. The post A State Pension Fund Takes Balwin Private in the Latest JSE Exit appeared first on The Rio Times .
The voting process at the electronic general meeting on Monday, 17 August, saw a significant 98.48% of votes supporting the scheme, with a 78.85% turnout of eligible voting rights. Notably, approximately 63.5% of the scheme shares had already been irrevocably committed by holders. The structure of the deal involves a scheme of arrangement under sections 114 and 115 of the Companies Act, encompassing all shares except those held by the founding investors.
The final price of R4.35 per share, equivalent to US$0.27, represents roughly 49.7% of the entire company, valued at about R2.26 billion (approximately US$139 million). The transaction will result in the Public Investment Corporation, on behalf of the Government Employees Pension Fund, acquiring about 49.3% of the company. Founders Steve Brookes, through Volker Holdings, managing director Rodney Gray, through Rodna Investments, and GRE Africa retain about 50.14% of the shares, opting to reinvest rather than sell.
The premium of R4.35 is a 41% increase over the 180-day trading average of R3.09 and a 34.5% rise over the 90-day average of R3.23, yet it is 55% below the company’s tangible net asset value of R9.72 per share as of February 2026. This transaction marks another exit from the shrinking Johannesburg Stock Exchange (JSE), with trading expected to cease on October 14, and delisting from the JSE and A2X exchange around October 20.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
