Johannesburg - Agricultural services firm Senwes said on
Monday that its holding company Senwesbel now holds 58% of its shares
following the Royal Bafokeng Agri Investments divestment from the company.
The deal - in which Royal Bafokeng Agri Investments, a wholly-owned subsidiary of Royal Bafokeng Holdings, successfully sold its shares to
Senwesbel - was approved by the Competition Tribunal without any conditions.
"As it is committed to the long-term sustainability and
growth of Senwes, Senwesbel foresees that it will be in a beneficial position
to enhance the company's growth plans and assist with potential consolidation
in the sector, whilst still ensuring good returns to shareholders," said
Senwesbel chairperson Danie Minnaar.
Senwes, an unlisted entity, is involved in the supply of
inputs to farmers through agricultural retail stores, grain and oilseed silo
operations. It also supplies credit to farmers for input financing and long- to
medium-term financing.
Meanwhile, the Competition Commission assessed the
transaction earlier and concluded that it was unlikely to raise any significant
competition concerns.