Description of Activities

Description of transaction: The Commission resolved to approve without conditions the acquisition by Itungwehe Fishing (Pty) Ltd of shares in the MFV Kativo.

Acquiring group: The primary acquiring undertaking is Itungwehe Fishing (Pty) Ltd, a private company, with its commercial activities including the holding of monk fish rights and quotas, and the harvesting of assigned quotas.

Target undertaking: The primary target undertaking is a motorized fishing vessel—MFV Kativo, owned and controlled by Pereira Fishing Company (Pty) Ltd. MFV Kativo is chartered under a Joint Venture Agreement by and between Itungwehe Fishing (Pty) Ltd and Blue Sea Fishing Company (Pty) Ltd, for the exploitation of the quota and rights held by Itungwehe Fishing (Pty) Ltd.

Relevant market: Defined as the market for motor fishing vessels in Namibia, including the boundaries of the national economic exclusive zone, into the Atlantic Ocean, west of Namibia.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.