MAS PLC's repurchase transaction proposal with Prime Kapital withdrawn

MAS PLC (JSE:MSP) announced today that Prime Kapital's board of directors has decided not to approve the proposed repurchase transaction involving DJV, effectively terminating the joint venture arrangements approximately 10 years before the originally agreed term. The initial framework agreement, announced on March 3, 2025, detailed DJV's repurchase of Prime Kapital's 60% ordinary equity stake. As Prime Kapital's approval constitutes a condition precedent, the repurchase transaction will not proceed, and MAS shareholder approval will not be sought. Prime Kapital did not disclose its reasoning behind the decision. Investors and shareholders seeking further details can contact Irina Grigore at MAS P.L.C. or Java Capital, the JSE Sponsor. The announcement is dated April 16, 2025.