APPLICATION FOR CLEARANCE FOR THE PROPOSED ACQUISITION OF ALL OF THE ISSUED SHARES IN BISHOP BROTHERS ENGINEERING LIMITED BY SHAREHOLDERS OF FEEL-J PTE LIMITED
The Independent Consumer and Competition Commission (“ICCC”) wishes to inform the general public and relevant industry stakeholders that it has received an Application for Clearance from the shareholders of Feel-J Ltd (“Feel-J”), Mark Colin Bishop, Scott Leonard Bishop, and Jason Edward Johnson (together the Shareholders or “Applicant”) for their proposal to acquire all of the issued shares in Bishop Brothers Engineering Limited (“BBEL”) (the “Proposed Acquisition”).
The Shareholders own 100% of Feel-J, a company registered in Singapore. Feel-J owns 100% of BBEL, a PNG-registered company. Apart from BBEL, Feel-J also owns two other subsidiaries, Mota Investment Pty Ltd and Nogard Trading Pty Ltd which are foreign entities, together with their respective subsidiaries (collectively, the Atom Group).
BBEL offers wholesale and retail sales of industrial hardware, equipment, and safety products for the engineering, construction, mining, freight services, and transportation industries in PNG. The Shareholders indirectly own 100% of BBEL through their shareholding in Feel-J.
According to available information on hand, the Shareholders propose to and intend to sell the Atom Group to a third party by selling all of the issued shares of Feel-J (transaction); and the transaction is unrelated to PNG. However, BBEL and its subsidiaries will not form part of the sale. Therefore, Feel-J has agreed to transfer all of the issued shares of BBEL to the Shareholders hence the Proposed Acquisition.
Post-acquisition, BBEL will be directly owned by the Shareholders.The ICCC therefore calls for submissions and comments from all stakeholders on any likely competition effects this Proposed Acquisition may have in any markets in PNG. All submissions provided to the ICCC will be treated as public information unless confidentiality is sought.
All comments and submissions should be addressed to Mr. Paulus Ain, Commissioner and Chief Executive Officer on the address provided below and must reach the ICCC by or before Thursday 08th February 2024.
The Application, including details of the Proposed Acquisition, can be accessed and downloaded from the ICCC website at: www.iccc.gov.pg.
All queries relating to this matter, should be directed to Mr. Barzillai Dominic, Acting Executive Manager, Competitive Markets & Fair-Trade Division by telephone on 312 4600 or e-mail to: bdominic@iccc.gov.pg.