At a Glance
- PK Investments raises MAS stake to 36.3%, securing near-majority control in €115m bid.
- Transaction includes 100.6 million MAS shares, with cash and listed consideration instruments exchanged.
- Deal underscores PKI’s long-term focus on Central and Eastern European property growth strategy.
Mauritian investment vehicle PK Investments Limited (PKI) has strengthened its hold on MAS plc after completing its conditional voluntary bid.
The offer drew acceptances for 100.6 million shares, equal to 14.38 percent of the property group’s issued capital (excluding treasury shares), lifting PKI’s total stake to more than a third of the company.
PKI disclosed on Friday, August 15, 2025, that the accepted shares included 82.1 million tendered for cash and another 18.5 million exchanged for listed consideration instruments.
With the settlement, PKI’s direct holding rises to 254.1 million MAS shares, or 36.32 percent of the company’s equity, valued at R6.15 billion ($349.5 million).
When combined with shareholders classified as concert parties under Maltese listing rules, PKI now jointly controls 49.4 percent of MAS.
Offer terms adjusted
The bid, first launched earlier this month, initially capped cash consideration at €110 million ($128.7 million).
PKI later lifted the limit to €115 million ($134.6 million) after stronger-than-expected shareholder participation, with the revised terms confirmed to MAS on August 14. The increase applied to all valid acceptances received before the closing date.
Influence consolidated
By edging its ownership close to the halfway mark, PKI has cemented its role as MAS’s most powerful shareholder. Analysts say the nearly 50 percent combined control brings PKI within sight of a takeover threshold, even if it stops short of triggering a full buyout.
MAS’s portfolio of retail, logistics, and commercial assets across Central and Eastern Europe is expected to be a key focus of PKI’s influence.
MAS responds
MAS noted in a statement that the disclosures were drawn directly from PKI’s regulatory filing and press release of August 15. The company said it had not independently verified the details, underscoring that the update reflects PKI’s account of the transaction.
Strategic shift underway
For PKI, the move underscores a firm commitment to MAS’s Central and Eastern European footprint, where demand for modern retail and logistics infrastructure remains strong.
Market watchers expect the increased stake to give PKI greater sway over how MAS deploys capital and pursues new developments in the years ahead.
