August 18 2026 16:00
Steve Brookes, Balwin CEO and founder
JOHANNESBURG, SOUTH AFRICA
Shareholders of JSE-listed residential sectional title developer Balwin Properties overwhelmingly approved the scheme of arrangement that will see the company acquired by consortium entity Bidco, led by the Public Investment Corporation (PIC), and then delisted from the main board of the JSE and A2X.
At a general meeting held electronically on August 17 2026, all required special resolutions to execute the buyout transaction passed with a 98.48% majority of eligible shares voted.
The transaction involved Bidco acquiring all issued Balwin shares, excluding specified excluded shares. Out of a total issued share capital of 519 411 852 Balwin shares, votable shares totalled 257 753 521 after excluding 260 419 835 excluded shares, 833 638 treasury shares, and 404 858 shares held by parties acting in concert with Bidco.
A JSE Stock Exchange News Service (SENS) release showed: Voting turnout represented 78.85% of votable shares, with 203 227 254 shares cast. All three special resolutions passed with identical majorities:
- Special resolution 1 – Approval of scheme of arrangement: Passed with 98.48% of votes in favour and 1.52% against.
- Special resolution 2 – Revocation of special resolution 1 if conditions met: Passed with 98.48% of votes in favour and 1.52% against.
- Special resolution 3 – Financial assistance for scheme securities transfer tax: Passed with 98.48% of votes in favour and 1.52% against.
Across all three resolutions, abstentions represented 0.01% of total issued exercisable shares.
The implementation of the scheme remains subject to the fulfilment or waiver of remaining scheme conditions outlined in the circular issued to shareholders on 17 July 2026.
The board said: “All the resolutions were approved by the requisite majority of Balwin shareholders entitled to vote thereon, and as such, the scheme will proceed to be implemented.”
“Shareholders will be provided with a further update regarding the fulfilment or waiver, as the case may be, of the scheme conditions, as well as an update in respect of the finalisation details, through Sens in due course.”
alistair@propertyflash.co.za
