Competition Commission allows Tafika Holdings to acquire PTC

The Competition and Fair Trading Commission (CFTC) has authorized Tafika Holdings Limited to acquire People’s Trading Centre (PTC) – a subsidiary of Press Corporation.

Competition and Fair Trading Commission (CFTC) Acting Executive Director, Apoche Itimu briefing the media in Lilongwe on recent decisions by the Commission

CFTC Acting Executive Director Apoche Itimu disclosed that the Commission received an application for the authorization of a proposed acquisition of 100 per cent equity shares in PTC by Tafika Holdings.

Itimu said information submitted by the parties, the proposed transaction involves Tafika Holdings acquiring 100 percent equity stake in PTC currently held by Press Corporation and Press Nominees Limited with one per cent.

“Information gathered during investigations, the transaction will not result in a change of market structure by reducing the number of players on the market,” she said.

Itimu further said that it was established that the transaction will not create a dominant player nor will it create a vigorous player.

She added that PTC was not thriving on the market and was at the verge of collapsing hence the transaction was timely to save a failing firm

No negative public concerns were registered during the investigations.

PTC is a subsidiary of Press Corporation and the Corporation is a public company incorporated in Malawi while Tafika Holdings is a South African based company with business operations in soft commodities trading and distribution.

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