From Curro to Barloworld: The Latest in South Africa’s Delisting Series

There are several delistings currently on the horizon in the local market, reflecting a continued trend of companies reassessing the benefits of remaining listed versus operating privately.

Among the most notable are Curro Holdings Limited, Astoria Investments Limited, and Barloworld Limited, all of which have announced or are in the process of executing plans to delist from the JSE. These transactions provide shareholders with liquidity events through cash or share-based offers and signal an ongoing consolidation phase within the South African market as companies seek flexibility away from public listing requirements.

Curro Holdings – Shareholders Offered Cash and Shares

In the case of Curro Holdings, the company’s proposed delisting follows a scheme of arrangement under which the Jannie Mouton Stigting will acquire all issued Curro shares. The offer gives shareholders a mix of cash and shares in Capitec and PSG Financial Services, providing both liquidity and continued exposure to strong, diversified financial entities. Specifically, shareholders will receive:

• R0.85837 in cash per Curro share
• 0.00284 Capitec shares per Curro share
• 0.07617 PSG Financial Services shares per Curro share

The General Meeting to approve this transaction is scheduled for 31 October 2025. The offer represents a 74% premium to Curro’s closing share price on 25 August 2025, making it an attractive exit opportunity for investors.

Astoria Investments – Cash Offer with Goldrush Preference Shares

For Astoria Investments, the company has proposed a repurchase offer at R8.15 per share, and the board intends to distribute Goldrush Holdings Limited preference shares if the delisting is approved. 

• Shareholders will receive 12 Goldrush preference shares (GRSP) for every 100 Astoria shares held, immediately prior to the delisting.

This offer represents a 26.5% premium to the 30-day VWAP and a 35.6% premium to the last closing price prior to announcement. Subject to shareholder and regulatory approval, investors who accept will receive cash and preference shares, while those who remain will hold unlisted Astoria shares with limited tradability. The circular is expected by the end of November 2025, with final dates for trading and the general meeting to follow.

Barloworld Limited – Final Stretch of the Newco Takeover

Another major delisting nearing completion is that of Barloworld Limited, which is in the final stretch of its Newco takeover offer. With just over nine trading days left, the Saudi-led consortium is close to reaching the 90% acceptance threshold required to delist the company. Newco currently holds 127.6 million shares (67.3%) and needs approximately 3.26 million more shares to trigger the compulsory acquisition of remaining shareholders. The R120 per share cash offer, endorsed by the Competition Commission, subject to a 13.5% B-BBEE transaction post-delisting, provides investors with an immediate premium exit. However, daily trading volumes have slowed to about 100,000 shares, making it difficult for Newco to reach the last few million.

For investors, Barloworld’s delisting poses a decisive choice: accept the cash offer and exit at a premium, or remain invested in an unlisted, illiquid company. Moody’s recent decision to place Barloworld’s credit ratings under review for downgrade has added urgency, citing potential weakening of credit metrics under private ownership. The company announced that the Standby Offer closing date has been extended to 7 November 2025 to give shareholders more time to make a decision; the last day to trade is 4 November 2025, with a final response deadline of 10:00 a.m. on 6 November 2025.

Market Outlook – A Wave of Corporate Exits from the JSE

Overall, these delistings offer investors the chance to unlock value at a premium but also highlight the need to carefully consider the liquidity, tax, and exchange control implications that come with holding unlisted assets. Attention to circulars, timelines, and payout structures will be essential in making informed decisions during this growing wave of corporate exits from the JSE.

It's also worth noting that unlisted shares are not tradable on EasyEquities and will be removed from investors’ EasyEquities portfolios once the delisting is finalised.

Sources – EasyEquities.

Follow Cay-Low Mbedzi

@caylow_SA

Government bonds offer a reliable way to earn fixed income by lending money to the government in exchange for regular interest payments. 

Dividends are one of the many key components of investing, representing a share of a company's profits distributed to its shareholders. 

Special dividends, also known as extraordinary dividends, are one-time payments made by companies to shareholders due to specific financial events, like windfall profits or asset sales.