Competition Commission gives nod to sale of Grindrod’s rail business
The Competition Commission has recommended the proposed sale, without conditions, of Grindrod’s rail construction businesses to WBHO Construction and Faku Family Enterprises for an undisclosed sum, to the Competition Tribunal. WBHO Construction is a wholly-owned subsidiary of JSE-listed construction stock Wilson Bayly Holmes-Ovcon, which operates across four main divisions: building and civil engineering; roads and earthworks; projects; and construction materials. These activities include providing civil engineering services for the rail sector. "The transaction is still confidential between the parties and subject to final approval by the tribunal," WBHO spokeswoman Shereen Vally-Kara said on Thursday. Faku Family Enterprises is an investment holding company with subsidiaries in the construction, property, coal, petrochemicals and related logistics services sectors. It is wholly-owned by the Ntinga Investment Trust. The purchasers intend to buy Grindrod Rail Construction and Grindr...
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