By Ayanda Dlamini
The Eswatini Competition Commission (ESCC) has approved the Public Service Pensions Fund’s (PSPF) acquisition of Tambuti Estate from United Plantations Swaziland (UPS). The transaction was approved by the Commission’s Technical Committee on December 18, 2025.
PSPF is a statutory fund established under the Public Service Pensions Order of 1993 and manages pension benefits for public sector employees and their dependants. Its assets consist of contributions from members and the government, as well as returns from its investment portfolio.
Tambuti Estate is an Eswatini-incorporated agricultural company based in Siphofaneni, Lubombo Region. The estate produces sugar cane, citrus fruits, and bananas.
The Commission notes that it considered the merging parties’ activities and found product overlaps in the relevant market. Through Tambankulu Estates, PSPF is engaged in agricultural production, specifically in sugar cane cultivation. The acquisition of Tambuti, which also produces sugar cane, citrus, fruits, and bananas, expands PSPF’s operations in the market.
“The Secretariat established that Tambankulu primarily cultivates sugarcane and operates approximately 5.8% of total sugar cane production in Eswatini based on its two quota allocations, Mhlume and Simunye. While the transaction results in a horizontal overlap in sugar cane production, the Commission noted that Tambuti accounts for approximately 1.2 percent of national sugar cane output. Post-merger, PSPF’s combined market share will be approximately 7 percent,” notes the Commission.
In considering public interest and competition concerns, the Commission acknowledged the sugar industry’s structure, which relies on ongoing engagement between growers and millers through representative bodies such as the Eswatini Cane Growers Association (ECGA) and the Eswatini Sugar Millers Association (ESMA).
To mitigate potential power imbalances, the ESCC approved the merger subject to a condition. PSPF is prohibited from assigning the management of Tambuti Estate to any sugar miller without prior approval from the Commission.