Prime Kapital Investments acquires 14.38% stake in MAS Real Estate

PRIME Kapital Investments (PKI) said Friday that it had acquired 14.38% of the shares of JSE-listed eastern and central European property group MAS Real Estate, following an offer to buy out all of its shareholders.

- EDWARD WEST

Following the settlement of the voluntary bid, PKI will own 254.09 million MAS shares, or 36.32% of its share capital. PKI, with other shareholders deemed to be concert parties, will jointly hold 49.4% of MAS's shares. It brings to a conclusion one aspect of the corporate battles being fought in MAS - South African REIT Hyprop withdrew a competing bid for MAS weeks ago, because MAS and its development joint venture partner (DJV) PKI had allegedly refused to provide Hyprop with the required documentation to make a bid.