Commission gives its approval for Sactwu’s proposed acquisition of various companies
The Competition Commission has approved the proposed transaction whereby the Southern African Clothing and Textile Workers Union (Sactwu) intends to acquire Squirewood, Gallagher Estate Holdings (GEH), Rand Daily Mail (RDM) and Solly Sachs House (SSH) from JSE-listed empowerment company Hosken Consolidated Investments (HCI), without conditions.
The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.
The proposed transaction also does not raise significant public interest concerns.
Sactwu is a trade union registered in accordance with the labour laws of South Africa and, as such, it is not controlled by any individual firm.
The union operates in the clothing, textile, leather and footwear industry, and has a growing presence in the distribution, agriculture and food processing sectors. It also owns office properties occupied by Sactwu in the Eastern Cape, Gauteng, KwaZulu-Natal and the Western Cape.
Squirewood is an investment holding company.
GEH is a property holding company with interests in commercial property letting, including the Gallagher Convention Centre, in Gauteng. It also holds interests in firms that provide in-house services to GEH for event promotions, catering, property and marketing.
Additionally, GEH offers limited office space in Midrand and La Lucia, in KwaZulu-Natal, as well as warehouse space in Midrand.
RDM is a residential property letting company. Its main asset is Rand Daily Mail House, which is a residential building of 253 apartments in Johannesburg.
SSH, meanwhile, is a residential and commercial property letting company and its main asset is Solly Sachs House, which is a building comprising 300 residential units and 30 retail shops across 24 floors in Johannesburg.
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