The Public Investment Corporation (PIC) has been given the green light by the competition authorities to conclude its purchase of a 30% stake in Alzu Agri.
Alzu Agri owns and controls several firms in the agricultural industry, collectively referred to as the Alzu Agri Group.
The diversified agricultural and agro-processing group is involved in maize production, animal feed production and cattle and pig breeding, among other activities.
The PIC which is Africa’s largest asset manager with asset under management of R2 trillion invests funds on behalf of the Government Employees Pension Fund (GEPF).
PIC Acting Chief Executive Officer, Vuyani Hako, said the investment in Alzu is in line with the GEPF’s mandate of investing capital in return seeking projects with a high developmental impact in line with the GEPF’s developmental investment policy.
“The most important aspect of this transaction is that it assists our client’s efforts to diversify its investment portfolio. Diversification of the portfolio has shown to benefit clients, particularly where certain assets and industries may not do well for one or another reason,” said Hako
Gillian de Gouveia, spokesperson for the Competition Tribunal, said the Tribunal has unconditionally approved the transaction.
“In its assessment, the Commission (Competition Commission) found that the transaction is unlikely to substantially prevent or lessen competition in any relevant market. The Commission was also of the view that the transaction presents no public interest concerns,” de Gouveia said
