Brothers Behind WeBuyCars Set to Take Control of JSE-Listed Property Giant
Cornerstone Article | eKayNews
A Transformational Deal in South Africa’s Market
The planned acquisition of RMB Holdings by the founders of WeBuyCars marks a pivotal moment in South Africa’s corporate and property investment landscape. Billionaire entrepreneurs Faan van der Walt and Dirk van der Walt are set to take control of the JSE-listed firm through a strategic buyout that could reshape how property assets are managed and valued.
This cornerstone eKayNews article provides a comprehensive, authoritative breakdown of the deal, its structure, and its broader implications for investors and the economy.
Who Are the Key Players?
WeBuyCars Founders Expand Beyond Automotive
The van der Walt brothers built WeBuyCars into one of South Africa’s most successful digital automotive marketplaces. Their move into property signals a deliberate diversification strategy, leveraging their capital and business expertise in new sectors.
AttBid: The Vehicle Behind the Acquisition
The acquisition is being executed through AttBid, a special-purpose entity structured as follows:
- 51% owned by the van der Walt brothers
- 49% owned by Atterbury Property Fund
AttBid has been steadily accumulating shares in RMH, demonstrating a calculated, long-term approach to gaining control.
Understanding the Deal Structure
Rising Stake and Mandatory Offer
AttBid, together with Atterbury, has increased its stake in RMB Holdings to 42.59%. This triggered a mandatory offer to acquire all remaining shares not already held.
A detailed circular released via the Johannesburg Stock Exchange outlines:
- Full offer terms
- Strategic plans post-acquisition
- Implications for shareholders
Key Dates for Investors
- 26 May 2026: Final day to trade RMH shares and participate
- 1 June 2026: Expected completion of the transaction
These milestones are critical for investors evaluating whether to accept the offer.
Why RMB Holdings Became a Target
A Company in Transition
Since 2019, RMB Holdings has undergone a significant restructuring. It shifted from being a strategic shareholder to focusing on monetising property investments.
This transition included selling its stake in FirstRand, leaving RMH largely exposed to property assets—particularly its stake in Atterbury.
Challenges in Asset Monetisation
RMH faced several obstacles:
- Difficulty selling its Atterbury stake
- Limited buyer interest
- High operational costs as a listed entity
- Significant capital requirements
These challenges made AttBid a natural and strategic buyer.
Financial Breakdown of the Offer
Deal Value and Market Position
AttBid’s offer values RMH at approximately R654.58 million, slightly above its market value of R640.75 million.
While the premium is modest, RMH has justified the valuation by pointing to:
- Ongoing costs of maintaining a listing
- Future funding needs
- The certainty of immediate liquidity for shareholders
Why the Premium Is Limited
Unlike many acquisitions, this deal does not offer a large premium. The reasoning includes:
- Limited growth prospects under current structure
- Market conditions affecting property valuations
- Difficulty in exiting large property holdings
Strategic Intent After Acquisition
No Immediate Operational Changes
AttBid has indicated that it does not plan to immediately alter RMH’s business model. Instead, the focus will be on stabilising and optimizing existing operations.
Delisting from the JSE
A major outcome of the deal will be the delisting of RMH from the Johannesburg Stock Exchange.
This transition to private ownership is expected to:
- Reduce compliance and regulatory costs
- Enable long-term strategic planning
- Improve operational flexibility
The 90% Shareholder Threshold Explained
The success of the transaction hinges on shareholder acceptance.
If 90% Acceptance Is Reached
- AttBid can compulsorily acquire all remaining shares
- RMH will be delisted quickly
- Full control is achieved
If Less Than 90% Accept
- Delisting will still occur
- Process becomes slower and more complex
- Regulatory compliance requirements increase
Achieving the 90% threshold is therefore crucial.
The Role of Atterbury in the Transaction
At the center of the deal is Atterbury Property Fund, a major property developer and RMH’s primary asset.
Why Atterbury Is Key
- RMH’s main value lies in its Atterbury stake
- Selling this stake independently has proven difficult
- AttBid, partly owned by Atterbury, is a natural acquirer
This alignment significantly improves the chances of deal success.
Speculation Around WeBuyCars Share Sale
R866 Million Sale Raises Questions
In February 2026, the van der Walt brothers sold R866.4 million worth of shares in WeBuyCars.
This sparked speculation that the funds were used to finance the RMH acquisition.
Official Response
Faan van der Walt dismissed the claims, stating:
- The RMH deal had been planned long before the sale
- Investments in Atterbury-related assets are longstanding
- The timing is coincidental
What This Means for South Africa’s Market
1. Property Sector Consolidation
The deal signals increasing consolidation within the property sector, with fewer listed companies and more private ownership structures.
2. Shift Away from Public Listings
The planned delisting highlights broader trends:
- Rising costs of being publicly listed
- Increased appeal of private ownership
- Greater strategic flexibility outside public markets
3. Investor Implications
For shareholders, the deal offers:
- Immediate liquidity
- Reduced exposure to uncertain markets
- A clear exit strategy
However, it also removes future upside potential.
Business Coverage on eKayNews: Where Deals Become Insight
The acquisition involving WeBuyCars founders Faan and Dirk van der Walt and RMB Holdings is a textbook example of the type of high-impact corporate development featured in the Business category on eKayNews. This cornerstone article demonstrates how major transactions are not just market events, but strategic turning points that reshape industries. By following deals like the RMH takeover, eKayNews provides readers with more than headlines—it delivers structured insight into why these transactions matter, who the key players are, and how value is being created or unlocked in real time.
Why the Business Category Matters
The Business category on eKayNews is built to help readers understand the forces driving South Africa’s economy, from entrepreneurial success stories like WeBuyCars to complex listed-company restructurings such as RMB Holdings. It focuses on clarity, depth, and relevance—breaking down corporate moves, investment trends, and market shifts into accessible analysis. Articles like this cornerstone feature reinforce eKayNews as a destination for decision-makers, investors, and business readers who want context, not just news, in a rapidly evolving financial landscape.
Cornerstone Insight: Why This Deal Matters
This transaction represents more than a takeover—it is a strategic convergence of:
- Entrepreneurial capital from the van der Walt brothers
- Property expertise from Atterbury
- A listed company seeking resolution
By taking RMH private, AttBid aims to:
- Streamline ownership structures
- Eliminate inefficiencies
- Unlock long-term value
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Conclusion: A Defining Moment for RMH
The acquisition of RMB Holdings marks a turning point in its corporate journey.
For RMH, it concludes a multi-year restructuring strategy.
For the van der Walt brothers, it represents expansion into property investment.
For the market, it highlights shifting dynamics between public and private ownership.
As the May deadline approaches, shareholder decisions will determine whether AttBid achieves the critical 90% threshold—ultimately shaping the future of this landmark deal.
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