Novus Holdings raises Mustek stake to $28 million after recent purchases

Novus Holdings Limited, a South African printing and packaging firm, has raised its ownership in technology group Mustek Limited after acquiring additional shares worth R9.84 million ($609,464) between Aug. 3 and Aug. 6, 2026, strengthening its controlling position in the company.

The purchases lifted Novus’ direct shareholding from a 50.79% stake, equivalent to 29.22 million shares, to 51.91%, equivalent to 29.87 million shares, marking a steady consolidation of control. Including concert parties, its total interest rose from 71.08% to 72.2%, reinforcing its dominance following the mandatory offer process initiated in November 2024.

Steady market accumulation outside mandatory offer

The acquisitions were executed on-market and outside the scope of the mandatory offer, signaling continued strategic accumulation rather than a one-off transaction. Over the four trading days, Novus acquired a total of 648,346 Mustek shares at prices ranging between R15 ($0.92) and R15.25 ($0.94) per share.

On Aug. 3, the company purchased 65,700 shares at a volume-weighted average price (VWAP) of R15.09, followed by 123,446 shares on Aug. 4 at R15.10 per share. Buying activity intensified on Aug. 5 and Aug. 6, with 170,143 shares acquired at a VWAP of R15.15 and a further 289,057 shares at a VWAP of R15.23, the largest single-day purchase in the period.

Increasing control and shareholder alignment

The incremental increase in stake above the 50% threshold further entrenches Novus’ control over Mustek, giving it greater influence over strategic direction and capital allocation. The rise in combined holdings with concert parties to over 72% also reduces free float, a factor that may impact liquidity and minority shareholder positioning.

Such post-offer market purchases typically indicate long-term confidence in the underlying business and a desire to deepen integration following a control transaction. Novus’ continued buying suggests alignment with Mustek’s future earnings potential and operational strategy.

Post-offer consolidation strategy

The transactions follow Novus’ firm intention announcement in November 2024 and the subsequent mandatory offer to Mustek shareholders, detailed in a circular distributed in May 2025. While the offer established control, these latest purchases demonstrate a second phase focused on consolidation.

By steadily increasing its stake through market purchases, Novus is effectively tightening its grip without triggering a new corporate action, a strategy often used to optimize ownership while maintaining regulatory compliance.

Regulatory compliance and disclosure

The announcement was made in line with South Africa’s companies regulations, with Novus confirming the filing of the required TRP 98 form with the Takeover Regulation Panel. The company also affirmed responsibility for the accuracy and completeness of the disclosed information.