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South Africa's RCS to acquire retailer Edcon's book debt

South African consumer finance business RCS Cards (Pty) Ltd. intends to acquire a portion of non-food retailer Edcon Ltd.'s book debt and its cardholders' book debt owned by Absa Bank Ltd.

The Edcon and Absa book debts refer to all claims recorded in the revolving credit facility agreements concluded between the companies and the principal debtors. The book debts also refer to all claims and entitlements by individuals who qualify for and have been issued with an Edcon store card.

RCS will own and control the Edcon and Absa book debts, following the transactions.

South Africa's Competition Commission did not find any competition concerns regarding the deals and recommended that they be approved unconditionally.

RCS is ultimately controlled by BNP Paribas SA.