Paradise Food Company to Proceed with its Acquisition of Hugo Canning

The Papua New Guinea  Independent Consumer and Competition Commission has announced that it has given its clearance to Paradise Company Limited to proceed with its proposed acquisition of shares in Hugo Canning Company Limited. 

ICCC said in its considerations, it did not find any serious concerns of likely negatives effects this acquisition may have on competition.

Its Commissioner, Paulus Ain said the proposed acquisition required ICCC's approval because the transaction value was greater than K50 million and would result in Paradise Company having more than 50 percent market share in the affected relevant markets. 

Paradise Company is owned by Nambawan Super Limited and Comrade Trustees Limited with 91 and 9 percent interests, respectively. 

It is in the food manufacturing business but more specifically manufactures biscuits, chocolates, and beverages. 

Hugo, on the other hand, manufactures and distributes imported canned protein including the famous Ox & Palm corned beef and Ocean Blue tinned fish.

NBC News / ONE PNG 

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