CCPC GRANTS UNCONDITIONAL AUTHORISATION FOR ACQUISITION OF 70% SHARES BY MWINILUNGA EXPLORATION LIMITED IN MWASHIA RESOURCES

The Competition and Consumer Protection Commission –CCPC has granted unconditional final authorization for the acquisition of 70% shares by Mwinilunga Exploration Limited and 20% shares by Tertiary Minerals Limited in Mwashia Resources Limited.

CCPC Executive Director Brian Lingela says the board determined that the merger would not result in the substantial reduction of competition in the exploration, mining and processing of minerals markets in Zambia.

In a statement, Mr. Lingela says the board also determined that the merger would not result in the elimination of a strong competitor, neither would it lead to the creation of a dominant player.

He adds that it was further established that the transaction would not lead to the imposition of entry barriers, nor an increase in market concentration.

Meanwhile, Mr. Lingela says the board also granted unconditional final authorization to ASB Hospitality, a subsidiary of Albwardy Investment of United Arab Emirates -UAE, to acquire 90 percent shares in Taj Pamodzi Hotel Plc.

Mr. Lingela says the commission has noted an increase in the number of merger transactions in the mining sector saying this was a sign that the country’s mining sector was rebounding.

By Lukundo Nankamba

PHOENIX NEWS