Chamwe Kaira
Curro Holdings Limited has announced progress in the planned acquisition of all its issued shares by Jannie Mouton Stigting, which will lead to the company’s delisting from the Johannesburg Stock Exchange once the transaction is finalised.
Curro released an update this week, confirming that they have met most of the suspensive conditions outlined in the circular to shareholders.
The company has secured all necessary regulatory and third-party approvals, with the exception of clearance from the competition authorities, to whom it made submissions in September.
The company confirmed that approvals have been received from its debt funders, including Standard Bank, Investec, ABSA, Nedbank, RMB, and Sanlam, as well as from the South African Reserve Bank’s Financial Surveillance Department and the South African Revenue Service.
The amended memorandum of incorporation has been agreed upon by Jannie Mouton Stigting and approved by SARS, ensuring Curro’s continued compliance as a public benefit organisation.
Curro expressed appreciation to its funders, regulators, and stakeholders, saying the transaction supports the offeror’s goal of positioning Curro as a sustainable, independent education institution focused on expanding schools, facilities, and bursary opportunities.
The company also provided shareholders with an update on the scheme consideration, valuing each share at N$14.18 as of 24 October 2025.
This includes a cash component of N$0.85837 and share considerations of 0.00284 Capitec shares and 0.07617 PSG Financial Services shares per Curro share.
The offer represents a 74% premium to Curro’s closing share price of N$8.13 on 25 August 2025, and a 66% premium to its 30-day volume-weighted average price of N$8.52 at that date. The premium has increased since the initial firm intention announcement, where it stood at 60% and 53%, respectively.
Billionaire Jannie Mouton, founder of PSG Group and Capitec, owns the trust and has offered N$7.2 billion for the shares.
He established the trust in 2004 to invest in education and has since donated part of his wealth to create a charitable foundation focused on bursaries, community development, and poverty alleviation in South Africa.
Curro said that once the deal is complete, it will continue to operate independently with its management team and remain registered as a public benefits organisation. The current board and management will stay in place for the immediate future.
Curro Holdings Limited jointly owns three schools in Namibia: Windhoek Gymnasium, Walvis Bay Gymnasium, and Oshana Gymnasium. The Walvis Bay campus opened with 350 pupils, while Oshana Gymnasium started with about 200 to 250 learners.
The two schools were built at a combined cost of N$240 million as part of a joint venture.
Curro’s annual report for the year ended 30 June showed that the group invested N$306 million in its South African and Namibian operations during 2024.
It had planned to invest up to N$700 million in capital projects that year to maintain and expand its facilities to meet growing demand, especially for high school tuition.
Caption
Curro Holdings Limited runs three schools in Namibia.
- Photo: Curro
