NOTIFICATION: ACQUISITION OF AFRIQUE SOCIÉTÉ ANONYME INDUSTRIE (ASAF) BY PANASIA INTERNATIONAL FZCO

Published On - May 13, 2026

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Purpose of the Notification

The ECOWAS Regional Competition Authority (ERCA) has received a notification concerning the proposed acquisition by Panasia International FZCO (“Panasia” or the “Acquirer”) of Afrique Société Anonyme Industrie (“ASAF” or the “Target”).

This transaction is subject to prior authorisation by the ERCA, pursuant to Article 2(1)(a) of Regulation C/REG.23/12/21 on the procedures applicable to mergers and acquisitions within the ECOWAS region, as well as Enabling Rule PC/REX.1/01/24 on notification thresholds. As the transaction concerns enterprises active in more than one Member State, a Community-level notification was required.

The transaction concerns the acquisition by Panasia International FZCO of a majority shareholding conferring sole control over ASAF.

Parties to the Transaction

  • Panasia International FZCO (the “Acquirer”) is an investment holding company incorporated in the United Arab Emirates and a wholly owned subsidiary of Olam Global Agri Pte. Ltd. (“Olam Agri”), a Singapore-based company specialising in the sourcing, processing, trading and supply chain management of agricultural products worldwide. Olam Agri is ultimately controlled by Saudi Agricultural and Livestock Investment Company (“SALIC”).
  • Afrique Société Anonyme Industrie (ASAF) (the “Target”) is a company operating in Côte d’Ivoire, specialising in the processing of solid natural rubber. It operates a single processing plant in Côte d’Ivoire and exports all of its production outside the ECOWAS Common Market.

Nature and Scope of the Transaction

Upon completion of the transaction, Panasia will exercise sole control over ASAF.

Panasia carries out activities in the ECOWAS region solely through two Senegalese subsidiaries:

  • Olam Agri Senegal S.A., which specialises in wheat milling; and
  • Avisen SARL, which is active in the manufacture of poultry and livestock feed.

According to the notifying parties, Panasia’s activities within ECOWAS are unrelated to those of ASAF.

ASAF operates exclusively in the processing of natural rubber in Côte d’Ivoire. The company does not make any sales within the ECOWAS Common Market and does not compete directly with any undertaking in that market.

Expected Outcomes of the Transaction

From Panasia’s perspective, this acquisition forms part of a strategy to diversify its investments in agricultural and industrial value chains.

The transaction will enable ASAF to benefit from the technical expertise, financial resources and global network of the Olam Agri group, which is expected to enhance its operational efficiency and support its growth prospects.

According to the parties, the transaction is not likely to have any significant adverse effect on competition within the ECOWAS region.

Rights of third parties

Pursuant to Article 44 (2) (a) (iv) of the ECOWAS Regional Competition Authority’s Manual of Investigation and Notification Procedures, third parties are invited to submit their comments to ERCA within thirty (30) days of the publication of this communication.

Such comments shall be accompanied by any documentation capable of substantiating the facts and analyses and sent confidentially to the following address:

ECOWAS Regional Competition Authority

Bertil Harding, Bijilo, The Gambia

P.O Box 4470

Or electronically at the following email address: registry@erca-arcc.org.