- Botswana Stock Exchange-listed Far Property Limited is pursuing two separate acquisitions of immovable properties at Farm Forest Hill No.9-KO, in deals involving Merlin Integer and The 868 On Kgale Trust, as the Competition and Consumer Authority reviews the proposed transactions
GAZETTE REPORTER
Far Property Limited is seeking to strengthen its property portfolio through two proposed acquisitions involving properties situated at Farm Forest Hill No.9-KO in the South-East Administrative District.
The Competition and Consumer Authority (CCA) has received merger notifications for the proposed purchase of Portion 1637 (a portion of Portion 1619) from Merlin Integer (Pty) Ltd, as well as Portion 868 from The 868 On Kgale Trust (Pty) Ltd.
The transactions, if approved, will give Far Property control of the targeted properties.
According to the CCA, “upon the implementation of the Proposed Transaction, the Acquiring Enterprise will solely control the Target Property.”
The regulator has invited interested stakeholders to submit views, documents, affidavits or any relevant information regarding the proposed mergers within 10 days from the date of publication.
“Any person, including a third party not a party to the proposed merger, may voluntarily submit to the investigator or the Authority any document, affidavit, statement or other relevant information in respect of a proposed merger,” the Authority said.
Ram’s Expansion Move
Far Property is a Botswana-incorporated public company listed on the Botswana Stock Exchange, with a diversified property portfolio covering commercial, retail, industrial and residential assets in Botswana, South Africa and Zambia.
The company’s major shareholders include businessman Ramachandran Ottapathu, Farouk Ismail, Platinum Compass (Pty) Limited, Botswana Public Officers Pension Fund and Botswana Insurance Fund Management.
Ottapathu and Ismail are among shareholders holding significant stakes in the company and have established business interests across Botswana.
The company’s board comprises Ramachandran Ottapathu, Ranjith Priyalal De Silva, Faizel Ismail, Rajeshkumar Jayrajh, Gobusamang Dempsey Keebine and Vidya Sanooj.
The Forest Hill acquisitions are expected to further expand Far Property’s footprint as it continues to grow its real estate holdings.
Merlin Trust Link
The proposed acquisitions also highlight the connection between Merlin Integer and The 868 On Kgale Trust.
Merlin Integer is a Botswana-registered property investment company involved in leasing, acquiring and selling immovable property. It is controlled by Viki International Limited, a Bahamas-based entity.
The company is also the registered lessee of one of the Forest Hill properties through a lease agreement with the Roman Catholic Church.
Meanwhile, The 868 On Kgale Trust, which owns Portion 868, is jointly controlled on a 50/50 basis by the Roman Catholic Church and Merlin Integer.
The trust is involved in property investment activities, including leasing, acquiring and selling immovable assets.
Its board of trustees includes Angus John Boxshall Smith, Brendan Colin Whatley, Frank Atese Nubuasah and Andrew Godiraone Makgetla.
Competition Review
The CCA will now assess the proposed transactions to determine their possible impact on competition, market concentration and consumer interests before making a final decision.
The review comes amid continued activity in Botswana’s property sector, where major investors are seeking opportunities to expand their asset portfolios through strategic acquisitions.
The outcome of the regulatory assessment will determine whether Far Property can proceed with gaining control of the Forest Hill properties.