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Competition authority approves AECI property sale

24th June 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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The South African Competition Tribunal has approved explosives and specialty chemicals group AECI’s deal with the City of Cape Town that will see the metropole acquire 709 ha of land and certain buildings in Somerset West from AECI subsidiary Paardevlei Properties for R400-million.

The tribunal explained on Wednesday that the transaction, which excluded the sale of the 25 ha Precinct 1, which was last year valued at R119-million by Standard Bank, was unconditional.

AECI said in a statement that the assets had become surplus to it and Paardevlei's operational requirements.

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Edited by Tracy Hancock
Creamer Media Contributing Editor

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