South African Van der Walt brothers’ AttBid buys extra 5 million shares amid RMH takeover push

AttBid Proprietary Limited, controlled by South African entrepreneurs Faan and Dirk van der Walt, has increased its stake in RMB Holdings Limited from over 42% by an additional 5.13 million shares, accelerating its bid to take control of the Johannesburg-listed firm.

The acquisitions, executed alongside its concert party, Atterbury Property Fund Proprietary Limited, come as part of an ongoing mandatory offer to acquire the remaining shares in RMB Holdings not already under their control.

Steady accumulation of shares

Between April 7 and April 10, AttBid purchased a total of 5.13 million RMH shares through a mix of on-market and off-market transactions, all priced at R0.47 ($0.025) per share. The latest trades build on earlier acquisitions that triggered the mandatory offer under South Africa’s takeover rules.

Following the transactions, Atterbury Property Fund Proprietary Limited holds 32.77% of RMB Holdings Limited, while AttBid Proprietary Limited controls an additional 10.2%, bringing their combined stake to 42.97% of the company’s issued shares.

In March, between the 23rd and 27th, AttBid acquired a total of 3,420,025 RMH shares at R0.47 ($0.025) per share. These purchases lifted AttBid’s holding to 9.67% of RMH’s issued shares, while Atterbury Property Fund maintained its 32.77% stake, resulting in a combined shareholding of approximately 42.44.%

The company confirmed that all dealings have been disclosed to the Takeover Regulation Panel in line with the country’s Companies Act and takeover regulations.

Takeover bid gathers momentum

The latest purchases follow AttBid’s formal offer, announced in February, to acquire all remaining RMH shares not already held by the consortium. The offer excludes treasury shares and those owned by RMH subsidiaries or affiliated trusts.

With its stake approaching a controlling threshold, AttBid is strengthening its position ahead of potential consolidation of ownership, as it seeks to bring RMH further under its control.

Ongoing acquisition strategy

AttBid indicated it may continue acquiring additional RMH shares during the offer period, subject to regulatory requirements. Any further transactions will be disclosed in accordance with applicable takeover laws.

The move underscores a broader strategy to consolidate holdings in RMH, positioning AttBid and its partners to deepen influence over the company’s future direction while navigating South Africa’s regulatory framework for public takeovers.