| Type of matter | Parties involved | Tribunal Decision |
|---|---|---|
| Large merger | Capitec Life Ltd and the funeral insurance business underwritten in the cell structure of Centriq Life Insurance Company Ltd | Approved with conditions |
| Large merger | Rand Agri Holdings (Pty) Ltd and JVD Commodities (Pty) Ltd and JVD IP (Pty) Ltd | Approved with conditions |
The Competition Tribunal (“Tribunal”) has conditionally approved the proposed transaction which relates to the termination of a co-operation agreement between Capitec Bank Ltd (“Capitec Bank”), Centriq Life Insurance Company Ltd (“Centriq Life”), Sanlam Developing Markets Ltd (“SDM”) and Capitec Ins (Pty) Ltd (“Capitec Ins”). This relates to a funeral insurance business underwritten by Centriq Life, in terms of an arrangement with Capitec Ins (the “target business”).
The public interest related conditions imposed by the Tribunal on this proposed transaction relate to the development of historically disadvantaged persons (“HDPs”) and small businesses and medium-sized businesses (“SMMEs”).
Capitec Group is a South African-based company which operates through its subsidiaries to provide banking and insurance services. The target business is a book of funeral insurance policies.
A more detailed press release will be issued once any confidential information in the conditions has been finalised.
Rand Agri Holdings (Pty) Ltd and JVD Commodities (Pty) Ltd and JVD IP (Pty) LtdThe Tribunal has approved, with conditions, the proposed merger wherein Rand Agri Holdings (Pty) Ltd (“Rand Agri Holdings”) intends to acquire shares in JVD Commodities (Pty) Ltd (“JVD”) and JVD IP (Pty) Ltd (“JVD IP”).
The public interest related conditions imposed by the Tribunal on this transaction relate to the promotion of a greater spread of ownership.
The acquiring group (Rand Agri Holdings and all firms controlling it and all firms controlled by those firms) is largely a trader of bulk raw grain commodities i.e. soybeans, yellow maize and white maize, among others, on the South African Futures Exchange (“SAFEX”).
JVD provides a grain trading service connecting buyers and sellers of grain by-products such as soybean meal, sunflower oilcake and wheaten bran, for the production of animal feed. JVD IP holds JVD’s intellectual property.
A more detailed press release will be issued once any confidential information in the conditions has been finalised.
Issued by:
Gillian de Gouveia, Communications Manager
On behalf of the Competition Tribunal of South Africa
Cell: 27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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