RDC Properties awaits BSE ruling on PrimeTime acquisition probe
Pauline Dikuelo | Wednesday April 23, 2025 06:00
According to RDC, the decision from the BSE’s regulatory committee is now expected in April 2025. This follows an earlier indication that the outcome would be delivered in March 2025.
'The company remains confident in its full compliance with all applicable rules and regulations related to the general offer. The company has and will continue to cooperate fully,' RDC stated.
Shareholders will be kept informed through further announcements as developments arise.
The investigation stems from RDC Properties’ attempt to acquire PrimeTime by offering unitholders 0.6875 RDC units for each PrimeTime unit held, with the goal of securing at least a 44% equity stake. This offer was suspended by the BSE in October 2024, pending a review of various elements of the proposed transaction.
Both RDC and PrimeTime are key players in Botswana’s property sector. RDC’s portfolio, valued at approximately P6 billion, spans seven countries with 26% of its assets located in Botswana. PrimeTime, on the other hand, holds assets worth over P1.7 billion with 63% based locally. Their combined portfolios include landmark properties such as Masa Centre, Lobatse Junction, and Pilane Mall.
RDC has recently posted strong financial results for the full year ended 31 December 2024. The company reported that revenues of P571.8 million were recorded during the period which was better than the P561 million in 2023 rounding up with a profit before tax of P174.5 million. RDC's total asset value is now at P5.92 billion, reflecting its continued expansion in different international markets. The company's flagship assets such as the Masa Centre, VMD Kvart Building in Croatia, and Cape Quarter Square in Cape Town, South Africa and has the largest portfolio of investments properties listed on the BSE. The group has also made significant strides in reducing its vacancy rates which improved to 8.2 percent in 2024 from 11.3% in the previous year.
Since early 2024, RDC has pursued what is considered a hostile takeover of PrimeTime, an uncommon move on the BSE. The process has been marked by several developments, including a temporary halt due to regulatory scrutiny. The forthcoming BSE decision is expected to shed light on the future of the acquisition.