Technology distributor Mustek expects headline earnings per share to surge by as much as 270% for the six months to end-December 2025, even as the stalled takeover bid by printing group Novus Holdings continues to hang over the company.
In a trading statement published on the JSE on Friday, the Midrand-based assembler and distributor of ICT products said it expects headline earnings per share of between 82.13c and 86.83c for the period, up from 23.47c in the prior comparative period – an increase of between 250% and 270%.
Basic earnings per share are expected to be between 81.69c and 86.29c, up from 23.01c – growth of between 255% and 275%.
Mustek said the sharp improvement was driven mainly by a material reduction in finance costs and a more favourable foreign exchange rate, supported by cost controls and improved contributions from equity-accounted investments.
Net asset value per share is expected to be between R29.20 and R29.40, up from R28.27 as at 31 December 2024.
The company said it expects to release its full unaudited interim results on 25 February 2026.
The strong earnings performance comes as the proposed acquisition of Mustek by Novus Holdings remains mired in regulatory dispute. The Takeover Regulation Panel ruled in December that Novus must increase its mandatory offer to Mustek shareholders from R13 to R15.41/share – an increase of 18.5% – after finding that boutique broker Numus Capital acted in concert with Novus in accumulating Mustek shares.
Shares rise
The TRP found evidence of what it described as coordinated share accumulation using undisclosed contracts for difference and concert party arrangements, including a Mustek-specific brokerage mandate established 14 months before the offer was announced, and shared premises between Novus’s strategic controller and Numus in Cape Town.
Novus has said it “fundamentally disagrees” with the TRP’s findings and has lodged an appeal with the Takeover Special Committee, labelling the ruling as containing “numerous factual inaccuracies and false statements”.
Read: Novus to appeal after being told to hike Mustek bid
As at 22 December 2025, Novus and its concert parties held about 60.25% of Mustek’s issued share capital. While the Competition Commission and Competition Tribunal have both approved the transaction subject to conditions, the TRP dispute has created a significant hurdle to its completion.
Mustek shares closed 4.45% higher on Friday at R15.25 on the JSE, valuing the company at about R877-million. – © 2026 NewsCentral Media
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