Masimong Group Holdings Proprietary Limited and Sabvest Finance and Guarantee Corporation Proprietary Limited made an offer to acquire 37.1% stake in ARB Holdings Limited (JSE:ARH), by way of a scheme of arrangement, for approximately ZAR 700 million on January 27, 2022. As per the transaction, Masimong Group Holdings Proprietary Limited and Sabvest Finance and Guarantee Corporation Proprietary Limited made the offer to acquire 87.1 million shares at ZAR 8 per share. The transaction is subject to fulfillment of certain conditions by not later than May 31, 2022, The conditions include obtaining favorable opinion from independent expert, approval by shareholders of ARB Holdings Limited, receipt of all regulatory approval, including but not limited to the Johannesburg Stock Exchange, the Takeover REgular Panel (TRP), and the South African Reserve Bank and no material adverse changes having been occurred. As of April 26, 2022, the transaction has been approved by the shareholders of ARB Holdings. As of May 12, 2022, all Scheme Conditions have now been fulfilled, , including the receipt of the compliance certificate in terms of section 119(4)(b) of the Companies Act from the Takeover Panel and accordingly, as the Scheme is now unconditional. ARB Holdings will be delisted from the Main Board of the JSE with effect from the commencement of trade on June 7, 2022. Scheme Implementation Date expected to be Jun 6, 2022.

Webber Wentzel and Cliffe Dekker Hofmeyr acted as legal advisors to ARB Holdings Limited and offerors respectively. Rand Merchant Bank and Apex Partners acted as financial advisors to Masimong Group Holdings Proprietary Limited and Sabvest Finance and Guarantee Corporation Proprietary Limited.