PFG
PFG
PFG - Pioneer Foods - Announcement
PIONEER FOOD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/017676/06)
JSE share code: PFG
ISIN: ZAE000118279
("Pioneer Foods" or "the Company")
ANNOUNCEMENT
Shareholders are advised that Pioneer Foods today received the decision and
order of the Competition Tribunal concerning the two complaint referrals
brought by the Competition Commission against the Company, known as the
Western Cape Bread Complaint and the National Bread Complaint, in which
Pioneer Foods` bread baking division was alleged to have colluded with its
competitors, amongst others, on bread prices and market division, in the
Western Cape and nationally, in contravention of sections 4(1)(b)(i) and (ii)
of the Competition Act.
Today the Tribunal ordered Pioneer Foods to pay an administrative penalty of
9.5% of its bread turnover for the Western Cape in the amount of R46 019 954
in respect of the Western Cape Bread Complaint plus an administrative penalty
of 10% of Pioneer Foods` total annual bread turnover less the turnover of
bread sales in the Western Cape, in the amount of R149 698 660 in respect of
the National Bread Complaint, therefore a total administrative penalty of R195
718 614.
The Company will review the findings of the Competition Tribunal and consider
its response after which further announcements will be made.
Paarl
3 February 2010
Sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 03/02/2010 16:39:01 Produced by the JSE SENS Department.
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