PIC and Bayport Financial Services 2010 merger conditionally approved
Merger involving GEPF represented by PIC and Bayport Financial Services 2010 conditionally approved
The Tribunal has conditionally approves merger between Firefly Investments 326 Proprietary Limited (Firefly Investments), wholly owned by the Government Employees Pension Fund (GEPF) and Bayport Financial Services 2010 Proprietary Limited (BFSSA).
Firefly Investments is a newly established entity for purposes of the proposed transaction. Firefly Investments will be wholly owned by the Government Employees Pension Fund (GEPF), which is represented by the Public Investment Corporation (SOC) Limited as its duly authorised agent. Firefly does not control any firm. GEPF is Africa’s largest pension fund with investments in various classes of assets including equities, property and fixed income. On the other hand, Firefly Investments does not provide any goods and/or services.
BFSSA is a non-banking financial institution specialising in the provision of unsecured personal loans in South Africa, predominantly to the growing middle classes. BFSSA acts as the originator of unsecured and developmental loans for Bayport Securitisation (RF) Limited.
The Commission had raised concerns that the PIC has multiple minority shareholding interests in several entities which compete with Bayport Financial Services. The Tribunal approved the merger subject to conditions including that there be no cross-directorships in relation to the Directors appointed to the PIC to the Board of the target firm as well as those appointed in the entities which compete with the target firm in the relevant market.
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