Competition Commission Unconditionally Clears Major Acquisitions in Agriculture and ICT

MBABANE, 21 May 2025 – The Eswatini Competition Commission has granted unconditional approval to two landmark transactions that will reshape ownership in the country’s dairy and information-technology sectors. The Technical Committee of the Board of Commissioners, having carefully evaluated both deals for competition and public interest effects, raised no objections and imposed no conditions.

Local Ownership of Agri-Fund Strengthened

In the first transaction, Insengwakati Farm (Pty) Ltd, a wholly-local enterprise, will acquire all shares previously held by South African-based Future Growth Asset Management (Pty) Ltd in Old Mutual Swaziland Agri-Fund GP (Pty) Ltd. The Agri-Fund controls two of Eswatini’s key dairies—Early Harvest Farm and Red Pepper Farm—both major suppliers of raw milk in the kingdom.

• Notification & Review
  • Submitted: 21 March 2025
  • Technical Committee assessment: 16 April 2025

Commissioners determined that Insengwakatni’s takeover presents no horizontal or vertical overlap with existing operations, eliminating concerns of market dominance or anti-competitive integration. “This transaction will ensure that dairy farming operations remain uninterrupted and will now be fully managed by a local entity,” reads the Commission’s official statement. The deal is widely hailed as a strategic move to deepen local investment in agriculture and secure long-term sustainability for Eswatini’s dairy sector.

South African Print Group Enters ICT Market

In a separate deal, Novus Holdings Limited, a Johannesburg-based printing and publishing conglomerate, has acquired control of Mustek Limited, Eswatini’s leading supplier of information and communications technology products. Mustek’s portfolio includes:

• Mustek (Pty) Ltd – ICT assembly, sales & service
• Rectron (Pty) Ltd – Electronics & alternative energy distribution
• Mecer Inter-Ed (Pty) Ltd – Accredited tech skills programmes
• CyberAntix (Pty) Ltd – Security operations centre
• Brotek (Pty) Ltd – Property rental services
• Notification & Review
  • Received: 6 February 2025
  • Technical Committee assessment: 16 April 2025

The Commission concluded that Novus’s acquisition poses no risk to competition or vertical foreclosure in Eswatini’s ICT market. “There is no verticality created by the transaction; the market structure remains intact and supply chains will continue seamlessly,” the ruling affirmed. Mustek’s existing operations—including server, PC, software, printer, and storage-system distribution—will proceed under Novus’s stewardship, with potential for enhanced support and investment.

In both transactions, the Competition Commission reminded all parties that merger clearance does not waive compliance with other sector-specific regulations or statutory obligations. With these approvals, Eswatini’s agricultural and ICT landscapes stand poised for fresh investment and local empowerment—key priorities in the kingdom’s economic diversification strategy.