GMB Liquidity Corporation made an offer to acquire remaining 64.86% stake in Grand Parade Investments Limited (JSE:GPL) for approximately ZAR 930 million on November 9, 2022. The offer per share is ZAR 3.33. The consideration will be paid in cash. GPL has constituted an independent board of directors of GPL for the purpose of the Mandatory Offer, the Independent Board comprises Mark Bowman, Ronel Van Dijk, and Professor Walter Geach. As of December 15, 2023, The Independent Board, after taking into consideration the opinion of the Independent Expert, is unanimously of the opinion that the terms and conditions of the Offer are fair and reasonable to GPL Shareholders. Transaction is subject to regulatory approvals, antitrust and other closing conditions. As of March 16, 2023, Competition Commission has approved the merger. As of March 23, 2023, All conditions are fulfilled. The Offer will open on December 19, 2022, and will close on March 31, 2023. As of March 23, 2023, Transaction is expected to close on April 6, 2023.

Rand Merchant Bank acted as a financial advisor, and Clyde & Co LLP acted as a legal advisor to Grand Parade Investments Limited. Solaris Law Proprietary Limited acted as a legal advisor to GMB. KPMG Services (Proprietary) Limited provided the fairness opinion to special committee.

GMB Liquidity Corporation completed the acquisition of a 4.49% stake in Grand Parade Investments Limited (JSE:GPL) for ZAR 70.2 million on April 6, 2023. As a result, GMB holds 53.65% of the total issued GPL Shares.