In a filing on the exchange, the property group assured its shareholders that updates will be provided as developments unfold. The investigation, which began in October last year, led to the national bourse ordering RDC to suspend publishing, posting or circulating offer circular for its proposed acquisition of PrimeTime. In a new update, PrimeTime reaffirmed its full cooperation with the BSE regarding the investigation. “Unitholders are advised to exercise caution when trading in their PrimeTime units until an official announcement is made regarding the proposed offer from RDC Properties,” the company said.
Since early 2024, RDC had pursued a hostile takeover of PrimeTime, a rare occurrence on the BSE. By then RDC properties were seeking 50+1 percent of PrimeTime 's units and promised to issue atleast 91 million new RDC units to cover this, giving a face value for the deal of P218.4 million. The ratio of 0.6875 RDC units for every one PrimeTime unit, is based on the price of the Botswana BSE price of P2.40 for RDC's units and P1.65 for PrimeTime unit as close of business on June 20 last year.The process has seen multiple developments including a temporary freeze due to regulatory concerns. The local bourse’s March 2025 decision is anticipated will provide clarity on the future direction of the unsolicited bid by RDC.
Both RDC Properties and PrimeTime Properties are major players in Botswana’s property sector and on the BSE. RDC boasts the largest investment property portfolio on the exchange, valued at approximately P6 billion across seven countries, with 26% of its assets in Botswana. PrimeTime, on the other hand, holds assets worth more than P1.7 billion, with 63% of its portfolio based in Botswana. The two firms own key commercial properties, including Masa Centre, Lobatse Junction, and Pilane Mall, amongst others. RDC’s portfolio is primarily retail and hospitality-focused, while PrimeTime has a strong presence in office and retail properties, with both companies having limited exposure to industrial assets. The Botswana Public Officers Pensions Fund (BPOPF) , which is the country's largest pension fund held 38.8% of the RDC properties as at December 2023, being the single largest shareholder. The pension fund also held nearly 33% of PrimeTime as at August 2023, being the largest shareholder.
