Tribunal approves Cape Forests acquisition of merged MTO Forestry, PG Bison Southern Cape
The Competition Tribunal has approved a merger that will see new forestry company Cape Forests Products acquire sole control of the merged entity of softwood forestry company MTO Forestry and wood-based products manufacturer PG Bison Southern Cape (PGBSC).
The transaction has been approved, subject to conditions governing supply, transparency, employment and broader public interest considerations, the tribunal says.
Cape Forests is a newly established holding company jointly controlled by PG Bison and empowerment partner, investment company Wild Peach Investments.
In terms of the merger, a minority shareholding will be held through a newly ring-fenced company that will be incorporated to hold the interest in Cape Forests for the benefit of a community trust that is yet to be established.
The beneficiaries will comprise numerous communities located within MTO Forestry’s operations, the tribunal notes.
MTO Forestry operates softwood plantations in the Southern Cape, and produces pine sawlogs for internal use and for sale to third-party sawmills. It operates the MTO George sawmill, in the Western Cape, and the MTO Longmore sawmill, in the Eastern Cape.
Further, PGBSC operates a softwood plantation in the Western Cape, which produces pine sawlogs for its Thesen sawmill. It supplements its demand for sawlogs by buying sawlogs from third party plantations, including from MTO Forestry.
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