The surprise announcement by Labat on the JSE’s SENS service on 5 December 2025, that there was a new buyer for its cannabis assets, is the latest development in what has been a dizzy merry go round of deals and counter deals.
Labat said that it had “entered into a sale transaction” on 2 December 2025 to dispose of all issued shares and share capital in Cannafrica to Africa Ntsha Trading Solution (Pty) Ltd for R8 million. If the conditions precedent are met – which relate to JSE ‘suspensive conditions’, the sale will be backdated to 1 June 2025.
It says Africa Ntsha Trading Solution, is wholly owned by Khan Humza “who is not a related party” and therefore does not need shareholder approval for the sale to go through.
The statement says Africa Ntsha Trading Solution is a diversified retail conglomerate with investments across multiple consumer-facing market segments.
The company specialises in acquiring, developing and operating retail spaces that serve both established and emerging markets, with a strategic focus on building sustainable retail ecosystems.
Labat says the R8 million sales price represents fair value to shareholders, consistent with:
• The independent valuation range of R15 million to R18 million for the entire healthcare assets.
• NAV of disposal segment R3 079 876, and
• Loss attributable to the disposal of R16 616 973
“This disposal forms part of the Company’s broader strategic repositioning and completes Labat’s exit from the cannabis and healthcare sector, enabling the Group to focus 100% on its ICT, micro- electronics, digital logistics, and AI-driven technology operations” says the SENS statement.
The company confirmed that the sale proceeds of R8 000 000 will be applied towards “strengthening the group’s working capital position and supporting the execution of Labat’s ICT-focused turnaround strategy. This includes funding operational requirements within the Group’s digital logistics, and AI-driven technology segments, as Labat fully exits the cannabis and healthcare sector.”
Labat made no mention of its other cannabis assets, the main one being its Sweetwater cultivation facility in the Eastern Cape, which are clearly not part of the sale to African Ntshe. In other developments this week, Brian van Rooyen’s son Stanton, resigned as a Labat director, while Hershel Maasdorp resigned from Cannafrica and was reappointed to the Labat board. It is unclear where van Rooyen senior stands in this unfolding situation.
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