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Prime Kapital has abandoned its bid to acquire up to 30-million shares in MAS after concluding that the prices sought by shareholders were too high, despite receiving offers for more than twice the number of shares it had targeted.The property investor said on Monday that it had reviewed all offers submitted after the bid closed on July 3 and decided not to proceed with any purchases.“The pricing of the offers received was not sufficiently attractive. Accordingly, Prime Kapital has elected not to proceed with any acquisitions under the bid,” the group said, resulting in no clearing price being established and no shares being acquired under the offer.The bid, launched on June 29 through Prime Kapital’s wholly owned subsidiary PKMI, sought to acquire up to 30-million MAS shares from investors on the company’s South African register. (Dorothy Kgosi) “The move was intended to give MAS shareholders an opportunity to exit a stock with limited trading liquidity while allowing Prime Kapital to increase its investment if shares were offered at prices it considered attractive,” the group said.It also said the offer provided an exit for investors whose investment case may have changed as MAS broadened its strategy beyond its traditional focus on Central and Eastern European property.MAS shareholders were asked to name the price at which they were willing to sell, with Prime Kapital reserving the right to buy only shares that it believed were reasonable.The group owns just more than 61% of MAS after increasing its stake through a voluntary buyout offer in August 2025 and subsequent market purchases, giving it effective control of the property group. Its co-founder, Martin Slabbert, also chairs MAS.Prime Kapital became MAS’s controlling shareholder in 2025 after a closely watched takeover battle that included a rival bid from Hyprop before the developer increased its stake through a voluntary buyout offer and subsequent market purchases.Despite declining to buy any shares, the group said its approach to MAS had not changed.“We appreciate the strong participation in the bid and the interest shown by MAS shareholders. Prime Kapital remains committed to a disciplined approach to capital allocation and will continue to pursue opportunities to create long-term value where pricing is compelling,” the group said.
