Inside WeBuyCars: Billionaire Brothers Diversify Investments After R866.4 Million Share Sale
- WeBuyCars co-founders sold R866.4 million shares to allegedly fund their acquisition of RMH
- AttBid reportedly agreed to acquire RMH for R654.68 million as part of a strategic shift
- In a JSE announcement, WeBuyCars said the sale formed part of the brothers' personal investment diversification and estate planning
Justin Williams, a journalist at Briefly News since 2024, covers South Africa’s current affairs. Before joining Briefly News, he served as a writer and chief editor at Right for Education Africa’s South African chapter.
Source: Twitter
WeBuyCars co-founders and co-CEOs Faan and Dirk van der Walt are majority shareholders in AttBid, the property company that has agreed to acquire JSE-listed RMH.
Brothers' recent sale of R866.4 million
The deal has sparked speculation that the brothers' recent sale of R866.4 million worth of WeBuyCars shares was intended to help fund the RMH acquisition. WeBuyCars rejected that view and said the two events are unrelated. Faan van der Walt said they have invested in Atterbury-related assets for many years and committed to this opportunity before the share sale. He said the timing of the sale and the RMH announcement is coincidental.
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According to the Daily Investor, the Van der Walt brothers jointly hold 51 percent of AttBid, split equally between them. Atterbury Property Fund owns the remaining 49 percent. On 9 February 2026, RMH told shareholders it had signed an agreement with AttBid. The agreement includes a cash offer of 47 cents a share for all RMH ordinary shares not already held by Atterbury. The offer values RMH at R654.68 million. This represents a small premium to the RMH market value of R640.75 million.
The transaction follows RMH's strategy shift from a strategic shareholder to an investment holding company focused on monetising property-related assets. RMH began this process in 2019 when it decided to unbundle its FirstRand stake. The unbundling was completed in 2020 and marked the end of RMH's role within the Rand Merchant Bank group.
Five years evaluating options
RMH said its board and management have spent the past five years evaluating options to monetise the RMH Property Holdings portfolio, either as a whole or through individual asset sales. The company noted that it had struggled to attract compelling offers for its 38.5 percent stake in Atterbury Property Holdings. Based on this, RMH stated that AttBid emerged as the most suitable buyer of RMH Property.
RMH said the transaction allows shareholders to realise immediate and certain value at the prevailing market price. It added that this must be weighed against the ongoing costs of maintaining a listed entity and potential future capital calls from Atterbury, which could erode value over time. The RMH board said, after considering quantitative and qualitative factors, that the acquisition aligns with its monetisation strategy and serves shareholder interests.
AttBid was established specifically to acquire RMH. Atterbury Property Fund holds 49 percent of AttBid, while I Faan Proprietary Limited and I Dirk Proprietary Limited each hold 25.5 percent. RMH said the structure means the Van der Walt brothers will not control RMH after the transaction. If the deal proceeds, AttBid will hold 71.65 percent of RMH, and Atterbury will hold the remaining 28.35 percent. The brothers' effective interest will be about 36.54 percent.
Source: Twitter
Share of their personal wealth
In a JSE announcement, WeBuyCars said the sale formed part of the brothers' personal investment diversification and estate planning. The company said the proceeds would mainly fund family-related obligations and personal investments. It said the disposal followed a deliberate portfolio rebalancing process. WeBuyCars said the company's share price performance over time had caused the brothers' stake to account for a disproportionate share of their personal wealth.
After the sale, the brothers and their associates hold 5.81 percent of WeBuyCars issued share capital, which the company said remains a significant part of their investment portfolios. WeBuyCars said the brothers do not intend to sell any additional shares in the future and remain fully committed to the business. The company noted that they will continue in their executive roles. WeBuyCars said the brothers had not disposed of any shares since the April 2024 listing before this transaction.
Whale Coast Village Mall sells for R600 million
Briefly News also reported that Hosken Consolidated Investments (HCI) is selling its 65% stake in Whale Coast Village Mall in Hermanus for R600 million.
The sale includes key tenants like Checkers, Woolworths, and the only multi-purpose cinema in the area.
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Source: Briefly News
