Pick 'n Pay has consistently fought price-fixing, the listed supermarket chain said on Monday.
"We welcome any investigation or enquiry and will co-operate fully with the commission," company CEO Nick Badminton said in a statement.
"Our record stands as a competitor that has consistently fought anti-competitive practices, price-fixing and collusion."
This followed an announcement earlier from the Competition Commission that it had initiated an investigation into major South African supermarket chains for possible contraventions of the Competition Act.
They included Shoprite-Checkers, Woolworths, Spar and Pick n Pay.
According to the Competition Commission, the investigation had been prompted by concerns raised by various interested parties and the public in general.
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"Concerns raised fall within the food and agro-processing sector, which has been identified as a priority by the commission," it said in a statement.
Other supermarket groups also welcomed the commission's investigation.
Spar said it had "nothing to hide".
Group marketing director Roelf Venter told Sapa: "Retail is the most competitive sector in South Africa, so let the commission get this on the table for once and for all.
"Spar does not sit around tables with other retailers in discussions."
Shoprite-Checkers said it was "on the side of consumers".
"I have already stated four weeks ago that the Shoprite group would welcome an investigation in this regard by the minister of agriculture so that all stakeholders, especially consumers, will have a clear picture of the situation," chief executive officer Whitey Basson said in a statement.
Woolworths would "co-operate fully with the investigation".
Major wholesaler-retailer Massmart would also be probed.
"In general we're pleased that there'll be a formal investigation and we'll co-operate fully," Massmart's chief financial officer Guy Hayward said.
"Food pricing is a sensitive issue and the commission is implying that someone in the value chain is profiteering - so we really have to get to the bottom of it." - Sapa
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