An economic concentration between Tiki Global Pte Ltd. and Tiki Joint Stock Company
An economic concentration between
Tiki Global Pte Ltd. and Tiki Joint Stock Company
Tiki global Pte Ltd. and Tiki Joint Stock Company submitted a comprehensive and valid economic concentration notification dossier to the Vietnam Competition and Consumer Authority (VCCA) in June 2021.
According to the economic concentration notification dossier, TIKI Global Pte. Ltd planned to obtain a transfer of 90.5 percent of the shares of TIKI Joint Stock Company after the latter issued additional shares via private placement. Following the completion of the economic concentration transaction, TIKI Global Pte Ltd will obtain control of TIKI Joint Stock Company under the terms of Clause 1, Article 2 of the Government's Decree 35/2020/ND-CP dated March 24, 2020, which details a number of articles of the Competition Law. As a result, the transaction between the parties is classified as a kind of acquisition under Clause 4, Article 29 of the Competition Law.
TIKI Joint Stock Company primarily engages in online selling of items and provides an e-commerce platform for other traders in Vietnam to sell directly to consumers.
TIKI Global Pte. Ltd is a Singapore-based company that does not operate in the Vietnamese market. It was founded in May 2021 under Singapore law.
The Ministry of Industry and Trade of Vietnam announced on July 5, 2021 that the economic concentration between TIKI Global Pte Ltd and TIKI Joint Stock Company is not prohibited under Article 30 of the Competition Law and is allowed to proceed as prescribed in Clause 1, Article 41 of the Competition Law 2018.