New R10.06-a-share bid seeks to take JSE's Mahube private
What's the deal? Kholosani Newco 8, a newly formed South African vehicle, has made a firm intention to acquire all ordinary shares in Mahube InfrastructureDealroom has a profile for this one. Try Dealroom → for R10.06 per share in cash, then delist the company from the Johannesburg Stock Exchange (JSE)Dealroom has a profile for this one. Try Dealroom →. The offer will be put to shareholders as a scheme of arrangement under section 114(1) of the Companies Act.
What each side does: Mahube listed on the JSE in 2015 as a special purpose acquisition company targeting infrastructure and renewable-energy assets. Its holdings include minority stakes in the Dorper Wind Farm and the Lesedi, Letsatsi, and Jasper solar farms.
Why now? The offer follows cautionary announcements in September and October 2026, after Mahube received a non-binding approach from a consortium. The company has since signed an implementation agreement with the offeror.
What could go wrong? An earlier take-private attempt collapsed in May 2026, when 65.7% of voting shareholders rejected a R6-per-share offer from Sustent Holdings, a vehicle backed by Mergence Investment ManagersDealroom has a profile for this one. Try Dealroom → and Creation CapitalDealroom has a profile for this one. Try Dealroom →. The new bid pitches R10.06 per share — well above both that failed price and Mahube's recent trading level of R6. Whether shareholders accept remains the key question.
Mahube's board has constituted an independent board of three non-executive directors to assess the offer. The company has also weathered a difficult year, swinging to a headline loss and suspending its dividend in May 2026.
The signal: The renewed, higher bid shows persistent investor appetite for South African infrastructure platforms, echoed by A.P. Moller CapitalDealroom has a profile for this one. Try Dealroom →'s June 2026 agreement to buy Mainstream Renewable PowerDealroom has a profile for this one. Try Dealroom →'s South African business. For Mahube, though, the story is narrower: a second, contested attempt to exit public markets, with the price finally lifted high enough to test whether reluctant shareholders will let go.
Read more: moneyweb.co.za
Image credit: warrenski
