Tradehold Africa Limited and Heriot Properties (Pty) Ltd made an offer to acquire 51% stake in Real Estate Investments Zambia PLC (LUSE:REIZ) for approximately ZMW 120 million in cash on December 7, 2015. Under the terms of the agreement, Tradehold Africa Limited and Heriot Properties (Pty) Ltd will purchase 28.7 million shares of Real Estate Investments Zambia at ZMW 4.2 per share. The transaction is subject to regulatory approvals, including Securities and Exchange Commission, Lusaka Stock Exchange and Zambian Competition and Consumer Protection Commission, Johannesburg Stock Exchange, due diligence and the approval of the Board of Directors of both the companies. As of April 14, 2016, the shareholders of Real Estate Investments disapproved the transaction following a poll vote of 7% for the motion and 93% against the motion. Stockbrokers Zambia Limited acted as a financial advisor to Real Estate Investments Zambia PLC.

Tradehold Africa Limited and Heriot Properties (Pty) Ltd cancelled the acquisition of 51% stake in Real Estate Investments Zambia PLC (LUSE:REIZ) on April 20, 2016.