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News Namibian Competition Commission fines cement companies for unapproved merger

Namibian Competition Commission fines cement companies for unapproved merger

Written by Global Cement staff 05 August 2024
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Namibia: The Namibian Competition Commission (NaCC) has imposed a US$269m fine on two companies for completing a merger without prior approval. The acquisition of Hong Xiang Holdings’ shares by Wang Zhongke from Fan Qingmei led to the companies being fined after an investigation found that the merger would create a monopoly in the cement market. NaCC spokesperson Dina Gowases stated that the merger failed to meet the notification requirements under the Competition Act, aimed at safeguarding competitive markets crucial for the construction industry and the national economy. The settlement also requires the companies to implement a competition law compliance programme in Namibia.

 

Last modified on 07 August 2024
Published in Global Cement News
Tagged under
  • Namibia
  • Namibian Competition Commission
  • Fine
  • Merger
  • Competition
  • Monopoly
  • China
  • GCW671
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