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Rare hostile takeover deepens at BSE

Friday, June 21, 2024 | 980 Views |

Speaking out: Masie PIC MORERI SEJAKGOMO

;The rare hostile takeover developing on the Botswana Stock Exchange (BSE) took a turn this week, with the acquisition target, PrimeTime Properties, accusing its suitor, RDC Properties, of “creating uncertainty to the detriment of shareholders”.

RDC, which has the largest investment property portfolio on the Botswana Stock Exchange at P6 billion, has spent several months engaging major unitholders on the possibility of making a partial offer directly to PrimeTime’s own unitholders.

As the two property firms are listed, they are obliged to make public announcements on the possible offer, a situation that has led to a series of cautionary statements by both sides to investors since February.

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