Comesa commission to dip into Kuramo-Platcorp deal

Tuesday, March 23rd, 2021 00:00 |

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Lewis Njoka @LewisNjoka

Comesa Competition Commission seeks to inquire into the planned acquisition of 15 per cent of the issued share capital of Platcorp Holdings Ltd by Kuramo Africa Opportunity Kenyan Vehicle IV Ltd (Kuramo Holdings).

In a statement, the commission said it is seeking to establish whether the acquisition affects competition or goes against public interest.

It said the Commission will, in accordance with the provisions of the Regulations, determine, among other things, whether or not the proposed transaction is likely to substantially prevent or lessen competition within the Common Market.

The statement said it will also seek to determine whether the proposed transaction is or would be contrary to the public interest as provided for under Article 26 of the Regulations.

Although registered outside Kenya, both the acquirer and the target have operations in the country.

The acquirer, Kuramo Africa, is a newly incorporated company set up in Cayman Islands in October 2020 and is wholly owned by Kuramo Africa Opportunity Master Co-Investment Vehicle III LLP, which is part of the Kuramo group, a private investment fund.

Affiliates of Kuramo Africa offer various financial products and services such as stock brokerage and pension fund management in Kenya and several other Comesa member states.

The target, Platcorp Holdings, is a private company incorporated in the British Virgin Islands and later registered by continuation in the Republic of Mauritius in December 2012.

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