Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by Basalt Investments (Proprietary) Limited of immovable property assets through the purchase of the entire issued ordinary shares in Greenwoods Property Investments Number Sixty-Five (Proprietary) Limited.

Acquiring group: The primary acquiring undertaking is Basalt Investments (Proprietary) Limited, a private investment holding company registered in Namibia. The acquiring group business activities include leasing of commercial and residential properties. 

Target undertaking: The primary undertaking is Greenwoods Property Investments Number Sixty-Five (Proprietary) Limited, which is wholly owned by Purplewoods Investments (Proprietary) Limited, a subsidiary of Hollard International (Proprietary) Limited. The target undertaking is a dormant property-holding company whose sole function has been the ownership and holding of two immovable commercial properties, collectively known as the “Hollard Buildings,” which were historically leased exclusively to related entities within the Hollard insurance group.

Relevant market: Defined as the Office Property market and Business Property market in the Windhoek municipal area.

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