JSE-listed construction group Raubex has acquired a further 24.7% shareholding in fellow-listed Bauba Resources at a price of 36c a share.
Raubex now owns 51% of the diversified mining and exploration company.
The sellers comprised of Absalom Limited, the Dunkeld Trust, the Kumane Trust and Tomarnic Limited.
Moreover, Raubex has made an offer to Bauba shareholders to acquire the remaining shares – except for the 22% stake owned by concert party Pelagic – in the company, at a price of 42c apiece, constituting a full takeover of the company.
The offer will open for acceptances on March 2.
Raubex plans to delist the shares of Bauba from the JSE.
According to Raubex, investing in mining companies better positions the group to secure long-term contracts at new mines.