COMPETITION TRIBUNAL OF SOUTH AFRICA
Case No.: LM193Feb21
In the matter between:
Kalander Kapitaal (Pty) Ltd 	Primary Acquiring Firms
Fynbos Kapitaal (Pty) Ltd 
And
Limietberg Sekuriteit (Pty) Ltd
Newco 								Primary Target Firms 

Panel:	E Daniels (Presiding Member)
M Mazwai (Tribunal Panel Member)
Y Carrim (Tribunal Panel Member)	
Heard on:	10 March 2021	
Order Issued on:	10 March 2021	
Reasons Issued on:	10 March 2021	
	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).
10 March 2021

Presiding Member	Date
Mr Enver Daniels 

 
COMPETITION TRIBUNAL OF SOUTH AFRICA 
Case no: LM193Feb21 

Kalander Kapitaal (Pty) Ltd and Fynbos Kapitaal (Pty) Ltd (Primary Acquiring Firms) and 
Limietberg Sekuriteit (Pty) Ltd and Newco (Primary Target Firms) 

 
REASONS FOR DECISION 

 
[1]	On 10 March 2021, the Competition Tribunal unconditionally approved a large merger between Kalander Kapitaal (Pty) Ltd (“Kalander”) and Fynbos Kapitaal (Pty) Ltd 
(“Fynbos”) and Limietberg Sekuriteit (Pty) Ltd (“Sekuriteit”) and Newco.
 
[2]	The transaction is an internal restructuring by Kalander and Fynbos (the acquiring firms) who each hold 50% of the shares in Limietberg Sekuriteit Beleggings (Pty) Ltd (“Limietberg”) (the holding company of Sekuriteit).  
 
[3]	Post-merger, Fynbos will acquire ultimate beneficial ownership and control of Sekuriteit, and Kalander will acquire beneficial ownership and control over another wholly owned subsidiary of Limietberg, a new company to be formed for purposes of this merger. 
 
[4]	The Acquiring Group and Sekuriteit are investment holding companies that have investment interests in various companies. Newco has no business activities. 
 
[5]	The Competition Commission found no horizontal or vertical overlaps in the activities of the merger parties.  
 
[6]	Neither of the merging parties have any employees and accordingly, the proposed transaction will not have an adverse effect on employment and the merger also raises no other public interest concerns. 
 
[7]	No third party raised any concern.  
[8]	We concluded that the proposed transaction is unlikely to substantially prevent or lessen competition in any relevant market, or to have a negative impact on the public interest. 

 	 	10 March 2021  

Mr Enver Daniels 	 	Date 
Ms Mondo Mazwai and Ms Yasmin Carrim concurring 	 
 
Tribunal Case Manager: 	C Mathonsi 	
For the Merging Parties: 	H Irvine 	
For the Commission: 
 
  	G Mutizwa and N Msiza 	
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