Mmegi

A rare hostile takeover grips the market

Landmark: PrimeTime has several well-known assets around the country PIC: PRIMETIME.CO.BW
Landmark: PrimeTime has several well-known assets around the country PIC: PRIMETIME.CO.BW

The Botswana Stock Exchange this week froze RDC Properties’ bid for PrimeTime, while launching an investigation into “various aspects” of the offer. The planned hostile takeover has lit up a usually humdrum market, writes MBONGENI MGUNI

A committee of the Botswana Stock Exchange (BSE) has launched an investigation into RDC Properties’ attempted hostile takeover of PrimeTime, with a report due to be released in 30 days.

In the meantime, the offer circular that RDC was scheduled to publish to PrimeTime’s shareholders, has been put on hold, effectively freezing the proposed offer, at least until the BSE makes a decision.

Editor's Comment
The State apparatus must be sanitised

When the State cannot rely on its own machinery to pursue suspected wrongdoing, repairing that machinery must become a national priority.The establishment of a Special Investigations and Asset Recovery Task Force may help government respond to the immediate challenge. However, Botswana cannot afford to leave the Directorate on Corruption and Economic Crime (DCEC) and the Directorate of Public Prosecutions (DPP) struggling whilst building...

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