DECISIONS MADE DURING THE BOARD MEETING HELD ON 23 JULY 2024 AND THE 9TH OF AUGUST 2024
DECISIONS MADE DURING THE BOARD MEETING HELD ON 23 JULY 2024 AND THE 9TH OF AUGUST 2024
Reference Number
CTC/Tech/Mergers/2024/01
Merger
Acquisition of the Entire Shareholding Of Clover Leaf Panel Beaters (Pvt) Ltd By Yokama Investments (Pvt) Ltd
Date Notified
4 March 2024
Acquirer
Yokama Investments (Pvt) Ltd
Target Party
Clover Leaf Panel Beaters (Pvt) Ltd
Merger Details The transaction involved the acquisition of the entire issued share capital Clover Leaf Panel Beaters by Yokohama Investments. The target party, Clover Leaf, is a motor body repairer that ceased operations in March 2023 after failing to meet shareholder’s financial expectations in previous years. The acquirer, Yokama, operates in the same market as the target. Yokama sought to resuscitate the target firm’s operations, and merge Clover Leaf with its existing business.
Relevant Market
The provision of motor body repair services in Harare
Type of Merger
Horizontal
Commission Decision
The transaction was approved without conditions
Reference Number
CTC/Tech/Mergers/2024/02
Merger
Proposed Acquisition of 100% of the Assets of Jojo (Pty) Ltd by Consolidated Building & Mining Trading Limited
Date Notified
26 February 2024
Acquirer
Consolidated Building and Mining Trading Limited(CBMTL)
Target Party
JoJo (Pty) Limited- Zimbabwe (Jojo)
Merger Details The transaction involved the proposed acquisition of the entire assets of JoJo (Pty) Ltd Zimbabwe, a subsidiary of JoJo (Pty) Ltd South Africa by Consolidated Building and Mining Trading Limited. JoJo is a plastic water tanks manufacturer, whereas CBM is an investment holding company trading in diamond drilling consumables, construction materials and provision of diamond drilling services. The merger follows the intention by JoJo to disinvest from the Zimbabwean market.
Relevant Market
i)The manufacture of plastic water storage tanks in the whole of Zimbabwe.ii)The trading of building and diamond drilling commodities; andiii)The provision of diamond drilling services in Zimbabwe.
Type of Merger
Conglomerate
Commission Decision
The transaction was approved without conditions
Reference Number
CTC/Tech/Mergers/2024/03
Merger
Proposed Acquisition of Joseph Investments Holdings by AIIH Limited
Date Notified
24 May 2024
Acquirer
AIIH Limited
Target Party
Joseph Investments Holdings
Merger Details The transaction involved the proposed acquisition by AIIH Limited of 25.56% of the ordinary shares in Joseph Investments Holdings. Both parties to the transaction are foreign entities, and in Zimbabwe AIIH operates through United Refineries Limitedwhereas Joseph Investments operates through AFGRI Zimbabwe (Pvt) Ltd. AFGRI Zimbabwe is involved in the sale of new and used agricultural equipment and parts, and the servicing of the equipment, whilst United Refineries Limited is a producer of edible oils, mealie meal, laundry soaps and bath soaps.
Relevant Market
Thei)supply of agricultural equipment & parts and servicing of agricultural equipment in Zimbabwe; andii) manufacturing & distribution of edible oils, mealie-meal and soaps in Zimbabwe
Type of Merger
Conglomerate
Commission Decision
The transaction was approved without conditions
Reference Number
CTC/Tech/Mergers/2024/04
Merger
Proposed Acquisition of the Entire Issued Shares in Zumbani Capital (Pvt) Ltd By Wealth Access Investments Managers (Pvt) Ltd
Date Notified
14 March 2024
Acquirer
Wealth Access Investments Managers (Pvt) Ltd
Target Party
Zumbani Capital (Pvt) Ltd
Merger Details The transaction involved the acquisition of the entire issued share in Zumbani Capital (Pvt) Ltd by Wealth Access Investment Managers (Pvt) Ltd. Wealth Access – the acquirer, is a wholly owned subsidiary of Capital Africa Investment Holdings Limited, an investment management entity providing asset management services. The target party, Zumbani Capital owns 28.9% shares in Masimba Holdings (Pvt) Ltd and 22.9% in Proplastics (Pvt) Ltd, respectively. Masimba Holdings provides civil engineering services whereas, Proplastics manufactures PVC & PE pipes and related plastic products.
Relevant Market
i)The provision of asset management services in Zimbabweii)The provision of civil engineering services in Zimbabwe, andiii)The supply of PVC and PE pipes in Zimbabwe
Type of Merger
Conglomerate
Commission Decision
The transaction was approved without conditions
Reference Number
CTC/Tech/Mergers/2024/06
Merger
Proposed Acquisition of the Entire Shareholding of Thelron Investments (Pvt) Ltd by Deedsgate Investments (Pvt) Ltd
Date Notified
17 June 2024
Acquirer
Deedsgate Investments (Pvt) Ltd
Target Party
Thelron Investments (Pvt) Ltd
Merger Details The transaction involved acquisition of 100% shareholding in Thelron Investments (Thelron) by Deedsgate Investments(Deedsgate), entailing acquisition of an immovable property through acquisition of shares in Thelron by Deedsgate. Thelron is a special purpose vehicle owned by the McDiarmid family incorporated for the purpose of holding one industrial warehouse. Deedsgate is a special purpose vehicle owned by Surjay (Pvt) Ltd incorporated for purposes of this transaction.
Relevant Market
Leasing of industrial warehouses in Harare
Type of Merger
Horizontal merger
Commission Decision
The transaction was approved without conditions
Reference Number
CTC/Tech/Mergers/2024/07
Merger
Proposed Acquisition of 100% Issued Share Capital in Greenback Trading Ltd by Inter-Africa Civils in Exchange for 450 Ordinary Shares In Inter-Africa Civils
Date Notified
15 April 2024
Acquirer
Inter Africa Civils
Target Party
Greenback Trading Ltd
Merger Details The transaction involved the proposed acquisition of 100% of issued share capital in Greenback Trading Ltd (Greenback),by Inter Africa Civils (IAC) in exchange for 450 ordinary shares in IAC. IAC and Greenback are Mauritian registered global business licensed investment holding companies with interests in Zimbabwe and the region. In Zimbabwe, IAC owns Bitumen World (Pvt) Ltd (80%) and Autostrada (Pvt) Ltd (100%) whereas Greenback owns R Davis and Company (Pvt) Ltd (“R Davis”) (80%), and R Davis Developments (Pvt) Ltd (“R Davis Developments”) (100%).
Relevant Market
i)The provision of road infrastructure development services, andii)The provision of contract mining services.
