Balwin Properties Limited

As a JSE-listed company, Balwin Properties Limited discloses only its major shareholders rather than a complete shareholder register; this profile reflects “major shareholders only” availability. Founder and Chief Executive Officer Stephen (Steve) Brookes is the company’s largest shareholder, holding an indirect interest of approximately 33.07% through Volker Holdings, per disclosures made in connection with the May 2026 take-private offer. Managing Director Rodney Gray holds an indirect interest reported as approximately 9.3%-9.5% through Rodna Investments (sources reviewed vary slightly on the exact figure), while Non-Executive Director Reggie Kukama has been reported holding around 9.09%. GRE Africa Limited holds approximately 7.58%, and Nedbank Group approximately 5.49%-5.5% as of the company’s most recent financial year-end (28 February). Brookes, Gray and GRE Africa together are reported as holding a combined 50.14% of Balwin as of May 2026.

On 19 May 2026, Balwin received a firm intention offer from a consortium (“Bidco”), comprising the Public Investment Corporation, acting for the Government Employees Pension Fund, together with Brookes (via Volker Holdings), Gray and GRE Africa, to acquire all remaining shares for R4.35 per share in cash. Shareholders holding roughly 63.5% of scheme shares gave irrevocable undertakings to support the offer at announcement, and on 17 August 2026 approximately 98% of votes cast, representing about 79% of eligible voting rights, approved the scheme, clearing the way for Balwin to delist from the JSE and A2X on 22 September 2026.

Data availability: Shareholder information reflects only shareholdings that are reportable or were disclosed in connection with the 2026 take-private transaction; the complete register of all shareholders, including holdings below the disclosure threshold, is not publicly available.

Balwin Properties Limited’s board and executive management, as disclosed on the company’s own website and in JSE/SENS filings, currently comprises seven non-executive directors and five members of executive management. Independent Non-Executive Chairman Hilton Saven has served on the board since 2015. Other independent non-executive directors include Arnold Shapiro (since 2016), Julian Scher (since 2019), Thoko Mokgosi-Mwantembe (since 2017), Tomi Amosun (since 2017) and Keneilwe Moloko, appointed with effect from 19 August 2022 following the retirement of Kholeka Mzondeki. Reggie Kukama has served as a non-executive director since 2021.

Executive management includes founder and Chief Executive Officer Stephen Brookes (in an executive role since 2003), Chief Financial Officer and Executive Director Jonathan Bigham (appointed with effect from 1 April 2022), Managing Director Rodney Gray, Chief Projects Officer Ulrich Gschnaidtner, and Head of Legal Raaziq Ismail (with the company since 2017).

Recent officer changes: Jonathan Bigham was appointed Chief Financial Officer and executive director with effect from 1 April 2022. Keneilwe Moloko was appointed an independent non-executive director with effect from 19 August 2022. Ronen Zekry resigned as an independent non-executive director with effect from 24 August 2023, after eight years on the board.

Data availability: Nationality was not disclosed in any source reviewed for this profile and should be treated as not disclosed for all individuals named above. Appointment dates for Rodney Gray and Ulrich Gschnaidtner in their current executive roles were not identified in the sources reviewed.

Balwin Properties Limited is an independent, JSE-listed company with no identified parent company. Official company announcements confirm that Balwin Rentals Proprietary Limited is a verified, wholly owned direct subsidiary: Balwin initially held a 25% interest in Balwin Rentals from 2019 as a joint venture with Yieldex Trading 2 Proprietary Limited, becoming its 100% shareholder following a share buyback transaction announced in 2022. Balwin has also described smaller, complementary “annuity” business lines, covering apartment rental, fibre installation and solar power generation across its developments, but no further subsidiary entities or their registration details were identified in the sources reviewed for this profile.

This independent status is expected to change: on 20 May 2026, a consortium (“Bidco”), formed by the Public Investment Corporation, acting for the Government Employees Pension Fund, together with founder investors Stephen Brookes, Rodney Gray and GRE Africa Limited, announced a firm offer to acquire all of Balwin’s shares. Balwin shareholders approved this scheme of arrangement on 17 August 2026, and Balwin’s shares are scheduled to be delisted from the JSE and A2X on 22 September 2026, after which Bidco is expected to become Balwin’s controlling shareholder.

Data availability: Group-structure information is partial; no comprehensive list of all subsidiaries was located in the sources reviewed for this profile.