The Standard Bank of South Africa Limited, SBI Ventures Asia Pte. Ltd., Broadscale MK Investors LP and Chronos Capital Fund VCC's Proposed Acquisition of Indirect Control over M-KOPA Tanzania Limited

The Fair Competition Commission (FCC) has invited public comments regarding the proposed acquisition of indirect control over M-KOPA Tanzania Limited by The Standard Bank of South Africa Limited, SBI Ventures Asia Pte. Ltd., Broadscale MK Investors LP, and Chronos Capital Fund VCC. The transaction is proposed to be implemented through the acquisition of shares in M-KOPA Holdings Limited, which will result in the acquiring firms obtaining indirect control over M-KOPA Tanzania Limited. The FCC has accepted the notification for review and has commenced its investigation of the proposed transaction.

The Standard Bank of South Africa Limited is a company incorporated in South Africa. It is engaged in the provision of banking services, including retail banking, investment banking, treasury, lending, transactional services, and advisory services to retail, commercial, corporate, institutional and public sector clients. In Tanzania, Standard Bank operates through its subsidiary, Stanbic Bank Tanzania Limited, which provides personal and business banking products and services.

SBI Ventures Asia Pte. Ltd. is a company incorporated in Singapore and operates as an investment holding company. The company does not have operations in Tanzania.

Broadscale MK Investors LP is a limited partnership incorporated in the State of Delaware, United States of America. It forms part of Broadscale Group, a venture capital investment platform focused on sustainable and next-generation technologies, particularly in the energy transition, advanced transportation, and clean technology sectors.

Chronos Capital Fund VCC is a variable capital investment fund registered in Singapore. It was established for the purpose of making and holding financial investments and is managed by Lima Investment Management Pte. Ltd.

M-KOPA Holdings Limited is a company incorporated under the laws of England and Wales. The company operates a digital financial services platform that enables underserved consumers in emerging markets to access affordable products and services through flexible financing arrangements. Its services include the financing of smartphones, solar products, televisions and other consumer products. In Tanzania, M-KOPA operates through its subsidiary, M-KOPA Tanzania Limited.

M-KOPA Tanzania Limited is incorporated in the United Republic of Tanzania. The company provides consumer financing and related products and services to customers in Tanzania.

The proposed transaction involves the acquisition of shares in M-KOPA Holdings Limited by The Standard Bank of South Africa Limited, SBI Ventures Asia Pte. Ltd., Broadscale MK Investors LP, and Chronos Capital Fund VCC. Upon completion, the acquiring firms will obtain indirect control over M-KOPA Tanzania Limited through their shareholding in M-KOPA Holdings Limited.

The transaction involves investors and financial institutions acquiring an interest in a technology-enabled consumer finance business operating in Tanzania and other markets. The FCC is assessing whether the proposed transaction is likely to substantially lessen competition in any relevant market in Mainland Tanzania. Stakeholders have been invited to submit comments concerning any potential effects on competition, customers, suppliers, competitors, employees, and other affected market participants.