SCC APPROVES 5 MERGER TRANSACTIONS

MBABANE – Five businesses changed hands in the past four months.

The Swaziland Competition Commission (SCC) has reported that five proposed merger transactions had been submitted by business entities.

It was disclosed that all the applications received during the last two quarters of the 2016/17 financial year had been given the ‘green light’ by the commission. 

Among the approved transactions was the 50 per cent share acquisition of The Gables (Pty) Ltd by the Public Service Pension Fund (PSPF), which cost pensioners E170 million.

PSPF Chief Executive Officer (CEO) Cleopas Dlamini recently confirmed that the transaction had been completed. He mentioned that the two shareholders’ management board would appoint an independent property manager for the centre which, among other things, comprises a cinema, restaurants, banks, tourism facilities and corporate offices.

Asked why PSPF considered purchasing a stake of The Gables a viable investment, Dlamini explained that the strategic location of the shopping centre had been one of the most key motivating factors.

“When taking into consideration some of the major ongoing developments and room for development of the shopping centre, we found it viable to invest at The Gables,” Dlamini explained.   

Major ongoing developments at Ezulwini include the multimillion International Convention Centre, Five Star Hotel and Swaziland Revenue Authority headquarters, among others. The second merger involved the acquisition of Crabtree Electrical Powertech Industries by K2017136283 (South Africa) (Pty) Ltd.

Both companies are incorporated in the Republic of South Africa.
“The transaction was approved with no conditions. K2017136283 (Pty) Ltd will own 100 per cent shares in Crabtree post-merger. The transaction was approved without conditions,” said SCC.

The third transaction, which received approval, was an acquisition of the entire shareholding of the Eswatini registered company - Tech Tool (Pty) Ltd by Stance Incorporated (Pty) Ltd a newly registered company in Eswatini.

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