Wrap Text
Update on the Bambanani Family Group
AFRICA BITCOIN CORPORATION LIMITED
(formerly Altvest Capital Limited)
Incorporated in the Republic of South Africa
(Registration Number: 2021/540736/06)
LEI Number: 37898OOE85B7YW5EEW57
("Africa Bitcoin Corporation" or the "Company" or the "Group")
Share Class JSE and A2X NSX Code OTCQB Deutsche ISIN
Codes Code Börse Code
Ordinary Shares BAC BAN AFBCF 4BC ZAE000337051
Preferred A Ordinary Shares BACA - - - ZAE000338422
Preferred B Ordinary Shares BACB - - - ZAE000338430
Preferred C Ordinary Shares BACC BANC - - ZAE000338448
UPDATE ON THE BAMBANANI FAMILY GROUP
Africa Bitcoin Corporation hereby advises shareholders that the Bambanani Family Group, comprising Bambanani
Bedfordview Proprietary Limited ("Bambanani Bedfordview") and Bambanani Melville Proprietary Limited ("Bambanani
Melville"), (collectively, "Bambanani"), in which the Company holds a 31% direct interest, continues to face severe
financial pressures, with an anticipated net loss for the financial year ended 28 February 2026 of approximately
R6.07 million (FY2025: net loss of R4.82 million).
Furthermore, due to, inter alia, capital constraints, location limitations and the inability to secure the requisite approvals
for the children's theatre, the full Bambanani vision, being a family orientated restaurant and children's entertainment
concept, incorporating a membership model, an education layer, and a multi-location network, has not yet been realised.
In the circumstances, the Bambanani board of directors ("Bambanani Board"), on which Africa Bitcoin Corporation holds
representation, has proposed a restructure of its operations (the "Bambanani Restructure"), including:
- Bambanani Melville: The closure of Bambanani Melville, scheduled for 30 April 2026, and possible sale of the
Bambanani Melville properties.
- Bambanani Bedfordview: The continuation of Bambanani Bedfordview under a fundamentally restructured
operating model, with a reduced staff compliment.
- Bamba's Kitchen: The temporary relocation of Bamba's Kitchen to the Bambanani Melville premises, with effect
from 1 May 2026, thereby reducing unnecessary occupancy costs and enabling the productive use of the Melville
infrastructure during the proposed property sale process.
- Bambanani at Home: The launch of a direct-to-consumer e-commerce platform under the Bambanani at Home
brand. Designed to leverage off Bambanani's existing 7,000 family base, and structured as a recurring family food
system, incorporating school lunches, family meal solutions, breakfast products (Bambanola) and pet food, to
generate subscription-based revenue.
The Bambanani Restructure is intended to establish a viable path to preserve the long-term value of the Bambanani
concept for all Bambanani stakeholders by, inter alia, reducing costs and limiting ongoing losses; protecting
Bambanani's assets, including the Bambanani brand and building a scalable recurring revenue stream through the e-
commerce platform.
Africa Bitcoin Corporation acknowledges that Bambanani's performance and the intended closure of Bambanani Melville
is disappointing and that the path to this point was longer and more costly than expected. The Company is however
committed to supporting the Bambanani Board in executing on the Bambanani Restructure in a disciplined manner.
The financial information contained in this announcement, which is based on unaudited management accounts of
Bambanani, has not been reviewed or reported on by the Company's external auditors.
Johannesburg
15 April 2026
JSE Designated Advisor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 15-04-2026 09:00:00
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