Balwin Properties has moved closer to leaving the JSE after shareholders overwhelmingly approved its proposed R2.26 billion takeover.
At a general meeting on Monday, 17 August, 98.48% of shareholders present voted in favour of the deal, comfortably clearing the required majority.
The consortium behind the transaction, known as BidCo, includes the Public Investment Corporation (PIC), Balwin founders Stephen Brookes and Rodney Gray, and major shareholder GRE Africa.
Strong Shareholder Support
Support for the transaction was already significant before the vote, with shareholders representing 63.51% of eligible voting shares backing the deal.
The consortium has offered R4.35 per Balwin share, valuing the residential property developer at approximately R2.26 billion.
The PIC is participating on behalf of the Government Employees Pension Fund, while Balwin’s founders remain part of the consortium.
Balwin Set to Go Private
The takeover is still subject to outstanding conditions, but shareholder approval represents a major step towards completion.
Once finalised, Balwin will be delisted from the Johannesburg Stock Exchange and operate as a private company, ending its tenure as a listed property developer.
Main Image: Balwin Properties
