The Competition Tribunal has approved the proposed merger in which New Forests Asia (Singapore) Pte. Ltd. ("NFA") – acting as fund manager of the African Forestry Impact Platform Sub Fund I ("AFIP") – will acquire sole control of Rance Timber (Pty) Ltd ("Rance Timber") through the special purpose vehicle, Main Street 2075 (Pty) Ltd ("Bidco").  
 
The Tribunal’s approval is subject to public interest conditions relating to a greater spread of ownership.
 
The acquiring group is ultimately controlled by Mitsui & Co (“Mitsui”) and Nomura IM Investment LCC. It manages forestry investments in Australia, New Zealand, the USA, Southeast Asia and Africa. In South Africa, through Mitsui and its subsidiaries, the acquiring group is active in energy generation and railroad activities. It currently has no forestry assets or activities in South Africa.
 
The target group (Rance Timber and the subsidiaries it will control following an internal restructuring) operates in forestry plantations, harvesting, transportation, sawmilling and sales.