The Competition and Fair Trading Commission (CFTC) has disclosed that it has authorised the acquisition of 100% equity shares in Peoples Trading Centre (PTC), a subsidiary of Press Corporation Plc by Tafika Holdings Limited.

CFTC’s acting executive director Apoche Itimu, the approval followed observation that PTC was struggling on the market.

“It was established that PTC was not thriving on the market and was at the verge of collapsing hence this transaction was timely to save a failing firm.

“No negative public concerns were registered during the merger investigations. Further, it was established that the transaction will not create a dominant player nor will it create a vigorous player,” Itimu said.

In accordance with to the information gathered during the investigations, CFTC found that the transaction would not result in a change of market structure by reducing the number of players on the market.

Recently, PTC employees held demonstrations in both Lilongwe and Blantyre where they petitioned government expressing their grievances on acquisition of the company.

In a communique that was issued to PTC employees on March 11, 2022, both PTC and Tafika Holdings Limited assured the workers that they would continue engaging all members of staff through staff meetings at the head office and stores visit by senior management, or other forums.

PTC is a subsidiary of Press Corporation PLC. Press Corporation PLC is a public company incorporated in Malawi; and is listed on the Malawi Stock Exchange (MSE), making it the largest holding company in Malawi.