Specialist large-scale residential property developer Balwin Properties has informed shareholders that all conditions have now been met for a consortium, Bidco, comprising the Public Investment Corporation (PIC) and founder investors of the company, to acquire all shares in the company and delist it from the JSE and the A2X.
Balwin in May confirmed that Bidco had made an offer to acquire all shares in the company for R4.35 a share, valuing Balwin at about R2.26-billion.
At the time, the consortium said the company's listing was no longer as compelling as when it first listed on the JSE in 2015, given limited liquidity in Balwin shares, the discount to underlying net asset value at which the shares have traded and the costs associated with maintaining a listed-company structure.
The listing of Balwin's shares on the JSE and A2X will be terminated on September 22.
