The Mauritius-based investment group Astoria Investments has unveiled plans to delist from the Johannesburg Stock Exchange (JSE) and the Stock Exchange of Mauritius (SEM), offering shareholders R8.15 per share in a conditional buyout while distributing preference shares in its key holding, Goldrush Holdings. This strategic move, announced on 27 October 2025, reflects a determination that maintaining a public listing no longer aligns with the company’s objectives or benefits its investors, as outlined in a statement from the board. According to Business Day, the proposal, if approved, would see Astoria return value to shareholders through a mix of cash and equity tied to Goldrush’s burgeoning operations in South Africa’s gaming and lottery sectors.
Astoria, spun off from RECM and Calibre Limited in April 2021, holds a 15.3 per cent economic interest in Goldrush Holdings, which in turn owns 59.4 per cent of the Goldrush Group—a prominent alternative gaming operator with electronic bingo halls, limited payout machines, retail sports betting outlets, and an expanding online platform. The distribution would allocate 7.4 million Goldrush preference shares to Astoria holders at a ratio of 12 shares for every 100 Astoria shares owned, providing direct exposure to Goldrush’s revenue streams ahead of the delisting. Moneyweb reports that Goldrush’s preference shares, listed on the JSE under the code GRSP, offer identical economic benefits to ordinary shares, including potential dividends from gambling activities, though only ordinary shares carry voting rights except in specific circumstances.
This unbundling comes amid Goldrush’s pivotal role in South Africa’s lottery landscape, following the group’s subsidiary Sizekhaya Gaming’s award of a 10-year licence in June 2025 to operate the National Lottery on behalf of the National Lotteries Commission (NLC). Sizekhaya, operating independently from Goldrush’s core business, will manage ticket sales and administration, with half of proceeds directed to prizes and the remainder supporting good causes, as mandated by the Lotteries Act. IOL highlights that this contract, valued at billions over its term, positions Goldrush to benefit from lottery sales growth, projected to exceed R50 billion annually by 2026, while adhering to strict independence protocols to avoid conflicts with other gaming interests.
The decision to delist aligns with a broader trend among smaller JSE-listed entities seeking greater flexibility away from public market scrutiny and compliance costs, which can exceed R10 million yearly for mid-tier firms. Astoria’s board cited evolving shareholder dynamics and strategic priorities as key factors, noting that the listing’s original purpose—to facilitate liquidity and capital raising—has been fulfilled through prior distributions and investments. As reported by ShareData Online, the buyout price of R8.15 represents a modest premium over recent trading levels around R7.50, potentially attracting minority holders while allowing major stakeholders like RECM to consolidate control.
Goldrush’s growth trajectory adds allure to the preference shares. The company operates over 4,400 bingo machines across 36 venues and more than 2,500 limited payout machines in five provinces, alongside 24 retail betting shops and a digital arm that has seen 25 per cent year-on-year revenue increases in 2025. RECM emphasises that Astoria’s stake traces back to a decade-long investment by RECM, which identified early potential in alternative gaming amid regulatory shifts favouring licensed operators. The National Lottery licence, awarded after a competitive process involving global bidders, is expected to generate R1.5 billion in initial setup fees and ongoing commissions, bolstering Goldrush’s financials.
Shareholders will vote on the proposal at an upcoming general meeting, with requisite approvals also needed from regulators like the Takeover Regulation Panel and the SEM. If successful, the delisting could occur by early 2026, freeing Astoria to pursue private ventures while empowering investors with direct Goldrush exposure. Bloomberg Africa notes that this structure mirrors recent JSE exits, such as those by family offices seeking to optimise tax efficiency under Mauritius’ double taxation treaty with South Africa. For Goldrush, the move reinforces its standalone appeal, with analysts forecasting 15 per cent earnings growth in 2026 driven by online betting and lottery synergies.
As Astoria navigates this transition, the deal underscores the interplay between investment vehicles and South Africa’s regulated gaming boom, where lottery proceeds fund over 20,000 annual grants for community projects. With Goldrush’s market cap surpassing R2 billion, the preference shares offer a compelling entry point for yield-seeking investors, potentially trading at a 7-8 per cent dividend yield based on 2024 payouts. This chapter closes for Astoria on the JSE but opens new avenues for its backers in one of Africa’s most dynamic sectors.