Outcome of PIC and LA Crushers merger

Merger approved between LA Crushers and Public Investment Corporation representing the Government Employees Pension Fund and Compensation Fund

In this merger the primary acquiring firms are the Government Employment Pension Fund (GEPF) and the Compensation Fund (CF), represented by the Public Investment Corporation SOC Limited (PIC). The primary target firm is LA Crushers (Pty) Ltd, a load and haul materials service handling provider.

The Competition Tribunal has approved the merger without conditions. The merger will give the PIC control of LA Crushers, a technically insolvent company, in its capacity as an agent of GEPF and CF.

The GEPF and CF invests in various classes of assets including equities, property and fixed income which the PIC has been appointed to manage. The PIC effectively acts as a fund manager to the GEPF.

The GEPF is a juristic person with its core business in the management and administration of pensions and other benefits for government employees, while the CF is a public entity mandated to fulfil specific economic and social responsibilities of government. The CF administers the compensation of occupational injuries and diseases in terms of the Compensation of Occupational Injuries and Diseases Act.

LA Crushers’ service and product offerings comprise mining load and haul, civil and earthworks, materials handling, crushing and screening, magnetite handling, ready mix production and mining rehabilitation.

 

Issued by:

Chantelle Benjamin

Communications: Competition Tribunal   

Tel (012)394 1383                                     

Cell: +27 (0) 73 007 5603  

Twitter: @comptrib                                       

E-Mail: chantelleb@comptrib.co.za

 

On Behalf Of:

Lerato Motaung                                                   

Registrar: Competition Tribunal                                        

Tel: (012) 394 3355                                             

Cell: +27 (0) 82 556 3221                                              

E-Mail: LeratoM@comptrib.co.za