FIRST QUARTER MERGERS WORTH E37 MILLION

MBABANE – Eswatini Competition Commission (ECC) approved four merges in the first quarter of the current financial year.

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.

Capacity

“This is in a bid to improve cooperation, staff capacity building and development. The cooperation agreement includes financial support that continues to assist the Compco to supplement its funding requirements,” he said.

The first transaction was an acquisition by Libuyile Properties (Pty) Ltd (Libuyile) of all the shares in NHL of 7 (Pty) Ltd (NHL). Libuyile, is a company incorporated in accordance with the laws of the Kingdom of Eswatini. Libuyile is wholly owned by the Public Service Pensions Fund (PSPF). Libuyile is involved in the business of property ownership and letting of business space. 

NHL is also a company incorporated in terms of the laws of Eswatini. NHL owns immovable property in Nhlangano used for leasing out retail space. The second transaction was an acquisition by Motsa Investments (Pty Ltd (Motsa Investments) of a Plot in the District of Manzini, Eswatini from Nedbank (Eswatini) Ltd.Motsa Investments.

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