Botswana Development Corporation (BDC) is seeking to dispose of its 30 percent stake in Mashatu Nature Reserve, one of Botswana’s luxury safari operators, according to a merger notice published by the Competition and Consumer Authority (CCA).
The proposed purchaser is Ager Holdings Proprietary Limited, a newly incorporated Botswana company wholly owned by Guernsey-based Pula Properties Limited. The remaining 70 percent shareholding in Mashatu is held by Mashatu Investments Proprietary Limited. The CCA has invited public comments before deciding whether to approve the transaction.
The disposal comes after another profitable year for the tourism business despite relatively modest revenue growth.
BDC’s 2025 annual report shows Mashatu generated P10.2 million in revenue and P4.6 million in profit after tax during the year ended June 30, 2025. The company also reported total assets of P393.1 million and shareholders’ equity of P319.3 million, highlighting the underlying value of its asset base.
Based on the reported net asset value, BDC’s 30 percent stake would be worth about P95.8 million, although the final purchase price has not been disclosed and may differ depending on the valuation agreed by the parties.
The state-owned investment company carried the investment at P105.1 million in its latest financial statements, down from P118.1 million a year earlier. Besides its equity interest, BDC has a P19.5 million shareholder loan to Mashatu, from which it earned P1.35 million in interest income during the reporting period.
Although BDC has not disclosed the reason for the sale, the corporation has historically exited mature investments to recycle capital into new projects aligned with its development mandate. The terms of the proposed transaction, including the purchase consideration, remain confidential pending regulatory approval.