Mahube (MHB) is an infrastructure holding company which reversed into Gaia and is involved in large-scale energy transport, water and sanitation projects. It is 41,35% owned by the Government Employees Pension Fund (GEPF). The company says, "Mahube Infrastructure owns five renewable energy assets – two wind farms and three solar PV (photovoltaic) farms – all of which were licensed by South Africa’s department of energy in the first round of bids of the renewable energy independent power producer procurement programme. The assets are all currently in operation, generating electricity, which they sell to Eskom in accordance with 20-year power purchase agreements". In its results for the year to 28th February 2023 the company reported negative revenue of R14,1m compared with revenue of R78,9m in the previous period. The company made a headline loss of 53,7c per share and its tangible net asset value dropped to 990c from 1120c per share. In a trading statement for the six months to 31st August 2023 the company estimated that headline earnings per share (HEPS) would increase by between 56,6% and 73,1% compared to the previous period. The increase was due to, "...receipt of a special dividend from two of the solar photovoltaic projects in which Mahube is invested and a favourable change in fair value of the financial assets". The average value trading in the share is only R6 000 - which makes impractical for private investors.