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ETG Chem FZE LLC And Cure-Chem South Africa (Pty) Ltd
The Tribunal has conditionally approved the merger wherein ETG Chem FZE LLC (“ETG”) intends to acquire Cure-Chem South Africa (Pty) Ltd (“Cure-Chem”). Post-merger, Cure-Chem will be a wholly owned subsidiary of ETG.
The merger has been approved subject to conditions involving the acquiring group increasing its expenditure towards existing public interest initiatives.
The acquiring group is active in the markets for the supply of agricultural products and commodity trading as well as the market for the manufacturing and distribution of granular fertilizer and liquid fertilizer in South Africa.
Cure-Chem is an importer and distributor of raw chemicals that are supplied as inputs for the manufacture of detergents and paint.
A full press release will be issued in due course.
Sinosteel Group Corporation Limited And
Deen Holdings Corporation Limited
The Tribunal has conditionally approved the merger whereby Sinosteel Group Corporation Limited (“Sinosteel”) intends to acquire Deen Holdings Corporation Limited (“Deen Holdings”). Post-merger, Deen Holdings will be controlled by Sinosteel.
The merger has been approved with conditions relating to the implementation of an empowerment transaction that involves increasing the levels of ownership by historically disadvantaged persons as well as employment related conditions involving, among others, a moratorium on merger-related retrenchments.
Sinosteel is wholly owned by the Chinese government. Worldwide, the Sinosteel Group is active in developing and processing metallurgical mineral resources, the trading and logistics of metallurgical raw materials and products, and related engineering technical service and equipment manufacture. In South Africa, its activities relate to, among others, the mining, beneficiation and supply of chrome ore and ferrochrome.
Deen Holdings is a Mauritian company. It operates in South Africa through Samancor, whose business activities include chrome ore mining, smelting and the production and distribution of electrode paste, an essential input in the production of ferrochrome.
A full press release will be issued in due course.
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