{"id":850264,"date":"2026-02-09T09:53:00","date_gmt":"2026-02-09T07:53:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=850264"},"modified":"2026-02-09T14:32:05","modified_gmt":"2026-02-09T12:32:05","slug":"rmb-holdings-being-sold-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/850264\/rmb-holdings-being-sold-in-south-africa\/","title":{"rendered":"RMB Holdings being sold in South Africa"},"content":{"rendered":"\n

RMB Holdings, which was created as the original holding company of the South African bank, is being sold. <\/p>\n\n\n\n

While many South Africans may know Rand Merchant Bank (RMB) as a retail and investment bank, RMB Holdings is now primarily focused on property. <\/p>\n\n\n\n

The company was established in 1987 as a holding company for the bank. It was listed on the JSE in 1992 following its takeover of Momentum Life. <\/p>\n\n\n\n

In 1998, the holding company partnered with Anglo American’s financial services assets, creating the FirstRand Group. <\/p>\n\n\n\n

FNB, RMB, Wesbank, and Ashburton Investments are some of the companies that are part of FirstRand.<\/p>\n\n\n\n

At the time, RMB Holdings held approximately 34% of the FirstRand group. While having a large banking stake, the JSE-listed company started focusing heavily on property.<\/p>\n\n\n\n

In 2020, RMB Holdings unbundled its stake in FirstRand, shifting its focus solely to the construction sector.<\/p>\n\n\n\n

This shifted the company’s strategy from being a patient long-term strategic shareholder to an investment holding company focused on monetising its underlying property-related investments. <\/p>\n\n\n\n

The group is now set for a new era, with AttBid offering to acquire all of RMB Holdings’ issued ordinary share capital. <\/p>\n\n\n\n

The deal will exclude all shares held by Atterbury Property Fund Proprietary Limited and the treasury shares controlled by RMH. <\/p>\n\n\n\n

The offer will be made for a cash consideration of R0.47 per offer share, payable in cash. <\/p>\n\n\n\n

Rationale for the deal <\/h2>\n\n\n
\n
\"\"<\/a><\/figure><\/div>\n\n\n

Since unbundling its FirstRand share, RMB Holdings (RMH) has considered options to monetise either its property portfolio as a whole or its property assets individually. <\/p>\n\n\n\n

This is especially true for its 38.5% interest in Atterbury Property Holdings. No compelling offers have been made for Atterbury.<\/p>\n\n\n\n

RMB Holdings said this is likely due to its minority position in Atterbury, intensive capital requirements, and a lack of a firm dividend policy.<\/p>\n\n\n\n

Therefore, AttBid, which is already 49% owned by Atterbury, is the most natural acquirer of RMH Property. <\/p>\n\n\n\n

The remaining 51% shares of AttBid are owned by Faan and Dirk van der Walt, the co-CEOs of WeBuyCars. <\/p>\n\n\n\n

The deal gives RMH shareholders the option to realise immediate, certain value at the prevailing market price, which should be considered against the costs of running a listing company. <\/p>\n\n\n\n

It also warned that there may also be future capital requirements from Atterbury, which may cumulatively lead to significant future value erosion.<\/p>\n\n\n\n

Thus, when considering all relevant quantitative and qualitative factors, the board concluded that the acquisition is aligned with its modernisation strategy to realise value for shareholders. <\/p>\n\n\n\n

Should the offer meet the conditions precedent, AttBid will hold 71.65% of RMH’s shares, while Atterbury will hold the remaining 28.35%, subject to the impact of treasury shares. <\/p>\n\n\n\n

Should AttBid acquire all of the offer shares, RMH will be delisted from the JSE. The timeline for the acquisition can be found below: <\/p>\n\n\n\n

Event<\/th>Date<\/th><\/tr><\/thead>
Combined Circular posted to RMH Shareholders<\/td>Monday, 9 March 2026<\/td><\/tr>
Offer Opening Date<\/td>Tuesday, 10 March 2026<\/td><\/tr>
Offer Initial Closing Date with the right to extend thereafter<\/td>Friday, 24 April 2026<\/td><\/tr>
Results of the Offer announced on SENS<\/td>Tuesday, 28 April 2026<\/td><\/tr>
Payment of Consideration to accepting RMH Shareholders<\/td>Tuesday, 28 April 2026<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

Article updated to reflect Faan and Dirk van der Walt’s involvement. <\/em><\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

RMB Holdings is being sold, six years after the holding company unbundled its stake in FirstRand to focus on property. <\/p>\n","protected":false},"author":95,"featured_media":850268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[11393,4088,2214],"class_list":["post-850264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-atterbury","tag-firstrand","tag-rmb"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/850264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=850264"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/850264\/revisions"}],"predecessor-version":[{"id":850341,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/850264\/revisions\/850341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/850268"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=850264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=850264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=850264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}