ICCC gives clearance to the Shareholders of Feel-J Pte Ltd to acquire all of the shares in Bishop Brothers Engineering Limited
The Independent Consumer and Competition Commission (‘’ICCC’’) has given clearance to the shareholders of Feel-J Pte Ltd (‘’Feel-J’’) to acquire all of the shares in Bishop Brothers Engineering Limited (“BBEL”) from Feel-J.
ICCC Commissioner and Chief Executive Officer, Mr. Paulus Ain said Mark Colin Bishop, Scott Leonard Bishop and Jason Edward Johnson, who are the shareholders of Feel-J (together the “Shareholders” or “Applicants”) proposed to collectively acquire all of the issued shares of Feel-J in BBEL (“Proposed Acquisition” or “Transaction”).
Mr. Ain said following ICCC’s assessment, the Proposed Acquisition would not have, or would not be likely to have the effect of substantially lessening competition in any market(s) in PNG.
“The Proposed Acquisition, in concurrence with available information, does not change the ultimate control of BBEL, and does not combine the BBEL business with any other business,” Mr. Ain explained.
“The ICCC noted that the Proposed Acquisition would be an internal restructure of ownership within BBEL where the Shareholders’ ownership, through Feel-J, would now be directly held post-acquisition.”
Given the Proposed Acquisition would be an internal restructure, the ICCC considers that it would not be likely to have any detrimental competition effects in any domestic market(s) that BBEL is currently operating in.
“Therefore, the Proposed Acquisition was cleared to proceed,” Mr. Ain said.
Any interested persons who wish to access the public version of ICCC’s Determination can visit our website: www.iccc.gov.pg to download a copy. Hard copies are also available and can be obtained at the ICCC’s Head Office at level 2, Boroko Post Office Building, Port Moresby.