Van der Walt brothers’ AttBid tightens grip on RMH as firm clarifies Grove Mall sale

RMB Holdings Limited, a South African-based investment holding company, has moved to clarify the status of a proposed sale of The Grove Mall in Namibia, as a takeover bid led by Faan van der Walt and Dirk van der Walt gains momentum.

The clarification comes amid aggressive share accumulation by AttBid Proprietary Limited and its concert party, Atterbury Property Fund Proprietary Limited, which have lifted their combined stake in RMH to nearly 43%, triggering a mandatory offer for the remaining shares.

Managing expectations during takeover

RMH said recent media reports on the proposed disposal of The Grove Mall, held indirectly through Atterbury Property Proprietary Limited, do not reflect a concluded transaction, emphasizing that the deal remains subject to due diligence, funding arrangements, and multiple governance approvals.

The company holds a 38.5% stake in Atterbury Property Holdings Proprietary Limited, which owns 77.5% of the Namibian retail asset, making the mall a significant component of RMH’s underlying portfolio.

The timing of the clarification is critical, as investors assess the value of RMH’s assets while considering whether to accept AttBid’s R0.47-per-share offer.

Takeover battle sharpens focus on asset value

The proposed disposal, if completed, could unlock capital and reshape RMH’s valuation, factors that are central to shareholder decisions during an active takeover process governed by the Takeover Regulation Panel.

By stressing that the transaction is still conditional, RMH is seeking to prevent speculative pricing assumptions that could distort the perceived fairness of the offer.

AttBid’s steady accumulation of shares in recent weeks, executed through both on-market and off-market trades, has intensified scrutiny on RMH’s asset base, particularly its exposure to Atterbury-linked property investments.

Strategic positioning as control bid advances

The Grove Mall, one of Namibia’s prominent regional shopping centers, represents a key indirect holding within RMH’s portfolio, and any disposal could materially influence the group’s net asset value.

As the takeover bid gathers pace, RMH said it will continue to monitor developments around the proposed sale and update shareholders as appropriate.

The clarification underscores the delicate balance companies must maintain during live acquisition processes, ensuring transparency while avoiding premature conclusions that could sway investor sentiment in a tightly contested control transaction.