RMB Holdings Limited (RMH) says the sale of The Grove Mall of Namibia by Atterbury Property has not been finalised.
RMH holds a 38.5% stake in Atterbury Property Holdings, which in turn owns a 77.5% interest in the mall.
The company said the proposed disposal remains subject to multiple outstanding conditions, despite the Namibian Competition Commission having approved the transaction.
RMH noted that the deal is still undergoing due diligence, requires purchaser funding to be secured, and is dependent on the conclusion of transaction agreements, as well as several corporate governance approvals across all parties involved.
“RMH wishes to clarify that the Proposed Disposal remains subject to a due diligence process, purchaser funding arrangements, transaction documentation being concluded, as well as procurement of a number of corporate governance approvals across RMH, Atterbury Property and the Purchaser. As such, the Proposed Disposal is still conditional on numerous factors, which is customary to a transaction of this nature,” the company said.
The clarification comes amid heightened scrutiny from market observers, with questions raised about the timing of the disclosure and the absence of key financial details, including the potential sale value and asset valuation.
The Competition Commission approved the deal without conditions, paving the way for Gold View Investments to acquire the entire shareholding in Grove Mall of Namibia Proprietary Limited, the entity that owns and operates the retail centre.
Gold View Investments is ultimately held by Namstead Limited, which is jointly controlled by Homestead Group Holdings Ltd and Rockrunner Real Estate Limited. The acquiring group focuses on property and financial investments across Switzerland, Mauritius, the British Virgin Islands and South Africa.
The Grove Mall, located in the Hilltop mixed-use estate in Kleine Kuppe, is the largest shopping centre in Namibia, with a gross lettable area of about 52,000 square metres. The development was completed at a cost of approximately N$1 billion and generates income through long-term leases with retail tenants.
The property has been on the market as part of a disposal process led by Atterbury Property Holdings, a subsidiary of the JSE-listed Atterbury Group.
