COMPETITION TRIBUNAL OF SOUTH AFRICA

Case No.: LM159Feb20

In the matter between:

Dipula Income Fund Limited 	Primary Acquiring Firm

And

Unlocked Properties 18 Proprietary Limited	Primary Target Firm

Panel	M Mazwai (Presiding Member), Y Carrim (Tribunal Panel Member), I Valodia (Tribunal Panel Member

Heard on 	25 March 2020
Decided on	25 March 2020

ORDER

Further to the recommendation of the Competition Commission in terms of section 14A(1)(b) of the Competition Act, 1998 ("the Act") the Competition Tribunal orders that-

1.	the merger between the abovementioned parties be approved in terms of section 16(2)(a) of the Act; and

2.	a Merger Clearance Certificate be issued in terms of Competition Tribunal Rule 35(5)(a).

Presiding Member
Ms Mondo Mazwai

Concurring: Ms Yasmin Carrim and Prof. lmraan Valodia

DATE: 25 March 2020