Auction Of Insolvent 64.9 Percent Shareholding In Sibabalwe Property Group (Pty) Ltd Butterworth Eastern Cape

Bid For 64.9 Percent Shares In SIBABALWE PROPERTY GROUP (PTY) LTD

A rare opportunity to acquire the insolvent estate's 649 ordinary shares, representing 64.9% of the issued ordinary share capital of Sibabalwe Property Group (Pty) Ltd, identified as the holding company of Zascorite (Pty) Ltd.

The shareholding is associated with the Ndabakazi Junction development, strategically located at the intersection of the N2 and R409 near Butterworth in the Eastern Cape. The site accommodates an existing BP service station and convenience store, together with a substantial area of land associated with proposed future mixed-use development.

IMPORTANT: THIS IS A SHARE SALE ONLY. THE LAND, IMPROVEMENTS AND REGISTERED NOTARIAL LEASE ARE NOT BEING SOLD OR TRANSFERRED DIRECTLY.

INVESTMENT OVERVIEW

The proposed transaction involves the acquisition of a majority ordinary shareholding in Sibabalwe Property Group (Pty) Ltd (SPG).

SPG is identified as the holding company of Zascorite (Pty) Ltd, which is identified as the lessee under a registered notarial head lease relating to Erf 1 Ndabakazi Junction.

The investment is associated with an established service station and convenience store and a broader mixed-use development concept. Prospective purchasers should independently investigate the corporate structure, shareholding, leasehold rights, operating agreements, company liabilities and potential development opportunities.

KEY INVESTMENT CONSIDERATIONS

• Majority Shareholding: 649 ordinary shares representing 64.9% of Sibabalwe Property Group (Pty) Ltd.
• Strategic Location: Ndabakazi Junction, at the intersection of the N2 and R409, Butterworth, Eastern Cape.
• Registered Property Extent: Erf 1 Ndabakazi Junction measures 41.8134 hectares (approximately 41.8 hectares).
• Existing Improvements: Operating BP filling station and convenience store, with the remainder of the site substantially vacant.
• Notarial Head Lease: Registered Notarial Deed of Lease K38/2021 identifies Zascorite (Pty) Ltd as lessee.
• Lease Duration: Initial 50-year term commencing 1 January 2019, with an initial expiry of 31 December 2068, subject to confirmation of the lease's current validity and terms.
• Development Potential: A historical mixed-use development concept encompassing residential, commercial, healthcare, hospitality, educational, recreational and renewable-energy facilities, subject to all required approvals.

LOCATION & ACCESSIBILITY

The site is situated at Ndabakazi Junction, on the corner of the N2 and R409, approximately 11 km west of Butterworth (Gcuwa) CBD and 21 km south of Ngqamakhwe, within the Mnquma Local Municipality, Eastern Cape.

The N2 provides an important freight and passenger transport corridor linking East London, Mthatha and KwaZulu-Natal.

The location has been identified in historical development proposals as a potential decentralised commercial and service node, intended to provide additional facilities outside the established Butterworth CBD.

EXISTING IMPROVEMENTS

The site is associated with an existing BP-branded filling station and convenience store.

The balance of the site is substantially undeveloped and has been considered for additional mixed-use development.

Prospective purchasers should independently verify the operating arrangements, contractual rights, licences, environmental compliance, existing improvements and financial performance.

PROPOSED DEVELOPMENT OPPORTUNITIES

Historical development proposals contemplate a substantial mixed-use precinct incorporating a range of potential uses, including:

Residential homes and apartment developments; a shopping centre and retail facilities; a private medical centre; hotel and chalet accommodation; office accommodation; drive-through restaurants; a truck stop; schools and educational facilities; community and recreational amenities; sports facilities; a gymnasium; renewable-energy infrastructure; and landscaped public spaces.

These developments are proposed concepts and are not represented as completed, currently approved or financially viable projects. Implementation would depend on applicable planning rights, environmental authorisations, contractual consents, municipal services, funding and all other required approvals.

The sale is strictly for the specified shareholding and does not constitute a direct sale of the underlying land, service station, improvements or notarial lease.

The transaction is subject to the company's governing documents, shareholder rights, applicable restrictions and consents, the final Conditions of Sale and approval by the Trustees and any other relevant authorities.

Duly instructed by the Trustees of the Insolvent Estate of Nontando Boniswa Dube, Master's Reference E000012/2025, Peter Maskell Auctioneers will offer the insolvent estate's 649 ordinary shares (64.9%) in Sibabalwe Property Group (Pty) Ltd for sale by public auction.

The sale is strictly for the specified shareholding and does not constitute a direct sale of the underlying land, service station, improvements or notarial lease.

The transaction is subject to the company's governing documents, shareholder rights, applicable restrictions and consents, the final Conditions of Sale and approval by the Trustees and any other relevant authorities.

PURCHASE PRICE & SALE CONFIRMATION

No reserve price or minimum acceptable offer has been disclosed.

All bids and offers received will be submitted to the Trustees and relevant stakeholders for consideration and approval.

No indicative valuation or valuation report is being made available to prospective purchasers. Interested parties are encouraged to undertake their own independent due diligence and determine an appropriate offer based on their assessment of the shares and applicable transaction terms.

The highest offer will not necessarily be accepted. Any sale remains subject to the applicable Conditions of Sale and all necessary approvals.

BIDDER REGISTRATION & PARTICIPATION

Bidder Registration Deposit: R50,000, payable strictly by EFT.
Purchase Deposit: 10% of the successful purchase price, payable in accordance with the final Conditions of Sale.

Prospective bidders must register for the specific auction and submit the required FICA documentation, completed auction registration forms and proof of payment.

Register and participate online:
https://bidlive.maskell.co.za/

Prospective bidders are requested to contact our office to confirm the banking details before making any payment.

The final Conditions of Sale will govern deposits, additional costs, payment deadlines, shareholder transfer

procedures and completion requirements.

INFORMATION PACK & DUE DILIGENCE

A purchaser information pack and supporting documentation may be made available to suitably qualified prospective bidders, subject to confidentiality requirements and approval by the Trustees and their attorneys.

Relevant documents may include corporate and shareholding records, the Shareholders' Agreement, available share certificates, registered property and lease documents, material commercial agreements, planning records and other due-diligence information.

Municipal building plans, zoning confirmation and occupancy records have been requested and remain outstanding.

Prospective bidders are advised to obtain independent legal, financial, tax, commercial and technical advice before participating.

This is an Insolvency Auction, and the property is being sold as-is. Please be aware that the property is sold without any warranties, and it is the responsibility of the bidder to conduct any necessary inspections and assessments. Professional expertise may be required to assess the property's condition, including potential defects or non-compliance with municipal regulations.

AUCTION PARTICIPATION

Bidders will attend the auction at 3 Wembley Terrace, Wembley, Pietermaritzburg, KwaZulu Natal.

For more info contact Danielle 033-397-1190 or email reception@maskell.co.za