ECC APPROVES MERGERS WORTH OVER E37 MILLION

MBABANE - Eswatini Competition Commission (ECC) approved four merges worth E37 million.

The four mergers were worth a transactional value of E37 210 089 and all transactions have been approved, according to ECC. Worth noting, the Minister of Commerce, Industry and Trade Manqoba Khumalo said the combined annual turnover of the merging firms stood at approximately E512 863 443. He said the sectors include commercial property, construction and technology industry. The minister said ECC signed a Memorandum of Understanding (MoU) with the COMESA Competition commission.

“This is in a bid to improve cooperation, staff capacity building and development. The cooperation agreement includes financial support that continues to assist ECC to supplement its funding requirements,” he said. These mergers include the acquisition of a Plot in the District of Manzini, Eswatini from Nedbank (Eswatini) Ltd by Motsa Investments (Pty). Worth noting, a shareholding restructuring between Real Image (Pty) Ltd, Dean Flintstone and Stephen J. Hall in Core Developers (Pty) Ltd was also approved.

EEC CEO Muzi Dlamini said Dean and Real Image were the two remaining shareholders with equal ownership and control over Core Developers. “Dean and Real Image were already shareholders in the Core Developers and they were only increasing their stake. Subsequently, Dean and Real Image post-merger are the only two shareholders in Core Developers,” he said. Real Image is an independent internet service provider and computer company offering internet connectivity, web publishing, e-commerce, and more.

Core Developers is a property holding company incorporated in terms of the laws of Eswatini. The immovable property is used for leasing office space. Lonsa Everite (Pty) Ltd 100 per cent acquisition of the issued share capital in Swartland Investments (Pty) Ltd, Swartland Insulation (Pty) Ltd and other immovable properties was approved by ECC.

The activities of Lonsa Everite relate primarily to the manufacture, supply and sale of fibre cement and auto aerated building products and other complementary traded goods in South Africa and across Africa; and the mining and supply of single, washed silica and plaster sand in South Africa. In Eswatini, the activities of the Lonsa Group primarily relate to the supply of a range of building products and materials, including fibre cement and associated traded items.

Swartland Investments and Swartland Insulation are private companies which have their principal business in South Africa. The activities of Swartland Investments and Swartland Insulation relate primarily to the manufacture, sale or trade of doors, windows, automated garage doors and insulation products. However, in Eswatini, the activities of Swartland Investments are limited to the supply of a range of building products including doors and windows made from wood and aluminium to building merchants. The CEO said Swartland Insulation does not supply insulation products in Eswatini and that the immovable properties are situated in South Africa thus, they do not relate to any economic impact in Eswatini.

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