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# A consortium that includes Mahube's own CEO wants to take the renewable energy investor off the JSE
- URL: https://www.businessbagel.com/mahube-take-private-offer/
- Published: 2026-11-09T08:00:00.000Z
- Updated: 2026-11-09T07:59:59.000Z
- Description: Mahube shareholders are being offered R10.06 a share in cash, a 67% premium, as the board says listing costs now outweigh the benefits.
- Author: Christian Maidman
- Tags: Companies, Business Bagel News

Mahube Infrastructure, the JSE-listed investor in South African wind and solar farms, has received a firm offer to take it private. A consortium of Kholosani 9, Matlotleng Capital and Damazuzu Investments is offering R10.06 a share in cash, which values Mahube at about R555 million, based on its 55.15 million shares in issue. That's the value of the whole company: the consortium is only buying the shares it doesn't already own. Mahube's own CEO, Gontse Moseneke, is part of the buying group through Matlotleng Capital.

## A 67% premium for shareholders

The offer is 67.1% above Mahube's closing price of R6.02 on 3 November, and 140.7% above the R4.18 it traded at on 7 September, before the company first warned investors about a possible buyout. Shareholders liked it: Business Day reported that Mahube's shares soared more than 40% on Thursday. The deal is structured as a scheme of arrangement, and holders of 34.9% of Mahube's shares have already agreed to vote in favour. The deal still needs shareholder approval, competition clearance, exchange control approval and other regulatory consents, and Mahube expects to send shareholders a detailed circular within 20 business days.

## What the buyers are getting

Mahube listed on the JSE in 2015 as a special purpose acquisition company focused on infrastructure and renewable energy. It owns minority stakes in projects built under the government's renewable energy procurement programme, including the Dorper and Noblesfontein wind farms and the Lesedi, Letsatsi and Jasper solar farms. The buyers know these assets well. Damazuzu and Kholosani 9 together own stakes in 20 solar photovoltaic, concentrated solar power and wind assets producing about 1,000 gigawatt-hours of electricity a year, including direct interests in Jasper, Lesedi and Letsatsi.

So why leave the JSE? Mahube says staying listed is no longer the most effective way to raise equity or support its growth plans, and that the costs of a listing now outweigh the benefits, particularly as it looks to make acquisitions and raise funding more efficiently. With a third of the shares already committed and a hefty premium on the table, Mahube looks set to become the latest company to swap the JSE for private ownership.