TV Sales, Restapedic merger approved 

By Nobleman Runyanga

The Competition and Tariff Commission has approved TV Sales and Home’s acquisition of a 49 percent stake in the Msasa-based bed manufacturer, Restapedic (Pvt) Ltd.

This was revealed by the commission in its 2018 fourth quarter mergers and acquisitions report released this week.

TV Sales and Home, which is a part of the Zimbabwe Stock exchange (ZSE)-listed Innscor Africa associate company, Axia Holdings, is a retail and distribution of home appliances and other home furniture items.

The application for the vertical merger of the two companies was granted on two conditions.

 “The transaction was approved subject to the following conditions that: (the resultant company) Maton Trading continues to supply its competitors in the downstream market at the same terms and conditions as offered to TV Sales and Home (Pvt) Ltd and (that) TV Sales and Home continues to purchase from its competitors in the upstream market,” read part of the commission’s report.

During the same period, CTC approved the acquisition of 49.68 percent shares in Alliance Insurance Company and Tropical Reinsurance Company by the Mauritius-incorporated special purpose vehicle, Nzou Holdings.

“Nzou Holdings currently does not have any operations in either Mauritius or Zimbabwe but will operate through a shareholding in both Alliance and Tropical Reinsurance Companies,” the commission disclosed.

The CTC also approved a horizontal merger in which short term insurer, Hunt Adams and Associates (Pvt) acquired Insuraserve (Pvt) Ltd.

“Hunt Adams and Associates will absorb Insuraserve’s business and establish one large company, taking on board its employees as well as its current operations,” the commission indicated.