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Competition Commission application in relation to RFG Transaction
PREMIER GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/016008/06)
ISIN: ZAE000320321
Share Code: PMR
(‘Premier’ or ‘the Group’ or ‘the Company’)
COMPETITION COMMISSION APPLICATION IN RELATION TO RFG TRANSACTION
Shareholders are advised that Premier has noted the application filed by the Competition Commission (“Commission”) with
the Competition Tribunal (“Tribunal”) in relation to Premier’s acquisition of RFG Holdings Limited (“RFG”) (the “RFG
Transaction”).
In its application, the Commission seeks, as final relief, an order revoking the merger approval previously granted in respect
of the RFG Transaction and requiring the merger to be refiled and reconsidered or, alternatively, the imposition of additional
or amended merger conditions. The Commission has also sought urgent interim relief aimed at preserving the ability of the
Fruit Products Western Cape (“FPWC”) facility in Tulbagh (the “Tulbagh Facility”) to continue operating as a canning facility
pending the determination of the main application.
Premier strongly disagrees with the Commission’s characterisation of the parties’ conduct and the basis for the application
and intends to oppose the relief sought. Premier rejects any suggestion that it acted unlawfully, withheld material information
or sought to mislead the Commission or the Tribunal during the merger review process. Since July 2026, Premier has
proactively engaged with the Commission regarding the potential closure of FPWC and has provided the Commission with a
chronology of events and supporting documentation relating to the decision-making process.
As with any business, Premier and RFG regularly review the performance of their operations. Premier’s position is that at the
time of the merger approval process, there was no plan to close FPWC, and that its closure did not form part of, nor was it
related to, the merger or its implementation. The decision to close FPWC arose and was taken only after implementation of
the RFG Transaction and was unrelated to the merger. It followed a significant deterioration in FPWC’s operating environment
and the commercial realities facing the canned deciduous fruit category.
The canned deciduous fruit industry has faced structural and economic pressures for some time, including declining global
demand, pressure in export markets, rising input costs, lower capacity utilisation and the need for greater scale in an
increasingly competitive international market. Following implementation of the RFG Transaction, these conditions deteriorated
significantly. In addition, Premier received negative feedback from international customers regarding demand and pricing,
which materially worsened the commercial outlook for FPWC. It was these subsequent developments and the resulting
deterioration in FPWC’s commercial outlook that led to the decisions relating to FPWC.
Premier has, to date, not been presented with evidence demonstrating that the circumstances facing the Tulbagh Facility, or
the decision regarding FPWC, arose as a consequence of, or are linked to, the RFG Transaction. This follows the
Commission’s investigation of the matter and the substantive submissions and supporting evidence already provided by
Premier.
Premier maintains that the commercial circumstances that ultimately resulted in the decision to exit the deciduous fruit canning
market would have confronted FPWC irrespective of the RFG Transaction.
Premier has engaged constructively with the Commission throughout this process and will continue to do so through the
appropriate legal channels. The application will ultimately be determined by the Tribunal, as the independent adjudicative
body, following consideration of the pleadings, evidence and legal arguments placed before it. Premier intends to defend its
position and remains confident in the merits of its case.
FPWC EMPLOYEE CONSULTATION PROCESS
Premier further confirms that the CCMA-facilitated consultation process conducted in terms of section 189A of the Labour
Relations Act in relation to FPWC has concluded.
Following consultations and negotiations with the recognised trade unions, voluntary severance packages were made
available to affected employees. Of the 409 affected employees, 407 elected to enter into voluntary severance agreements,
while the remaining 2 employees will remain employed within the Group. As a result, no retrenchments will be implemented.
Premier remains focused on mitigating the impact on affected stakeholders wherever reasonably possible. This includes
continued engagement with producer suppliers, parties interested in repurposing the Tulbagh Facility for alternative uses and
other relevant stakeholders, while respecting the legal proceedings currently underway.
Shareholders will be updated on material developments in accordance with the JSE Listings Requirements.
Johannesburg
8 October 2026
Sponsor
Investec Bank Limited
Date: 08/10/2026 07:05:00
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