MAS Real Estate gets shareholder support for Prime Kapital deal
The company receives support from Attacq, which holds nearly a third of MAS shares in issue.
JSE-listed real estate company MAS Real Estate said on Monday that some shareholders have already said they will support a proposed takeover of its joint venture with Prime Kapital (PK).
MAS is seeking to bolster its operations in Eastern and Central Europe, with the company recently announcing that it has acquired PK’s management platform.
MAS said on Monday that property group Attacq, which holds 22.84 percent of its shares, and Argosy, which holds 8.52 percent, have confirmed their support for the transaction.
Attacq representing almost a third of MAS’ shares in issue.
MAS has agreed to buy the remaining 20 percent stake in its investment joint venture with PK, as well as PK’s management company. Though MAS had held 80 percent of the venture, analysts had pointed to PK’s managerial control as a concern.
MAS intends to issue 67-million shares to PK, with the matter to be put to a vote during a MAS general meeting on November 20.