HARARE – The Competition and Tariff Commission (CTC) says it approved six acquisitions of companies in various sectors of the economy in the last quarter of 2017.
The CTC was set up by government to among other things ensure a level playing field in the market, guard against connivance by companies to the disadvantage of other firms or consumers as well as creation of monopolies.
According to the quarterly report, the CTC gave the green light to six acquisitions during the period.
One of the approved transactions, which received a lot of publicity as the companies involved are publicly listed, was that of Nicoz Diamond and First Mutual Holdings (FMH).
FMH acquired 80.9 percent of the shareholding in insurer Nicoz Diamond, which is soon to be merged with First Mutual’s Tristar Insurance company to create a single short term insurance business.
The remainder of the acquisitions largely went unnoticed as they involved largely private companies.
Among the transactions was the acquisition of the assets of Midlands based firm, Plaza Bakery by investors in Africa Takura Venture, which also has interests in bread and confectionaries maker, Lobels Holdings.
A group called Main Street 1514 acquired 100 percent shareholding in education businesses, Mancosa and Regent Business School while mining company, Pakuru Industrial Minerals Africa acquired the entire shareholding in Samrec Vermiculite, which is also involved in mining.
CTC also approved Vilmorin Singapore’s acquisition of a 49 stake in Niculta Investments. Both companies are involved in production of vegetable seed.
The final transaction which got the green light was the 100 percent shareholding acquisition of Crabtree Electrical Accessories by K2017136283 South Africa. – New Ziana