Description of Activities

Description: The Commission resolved to approve without conditions the proposed transaction for the acquisition of the majority of the issued share capital in Korridor Holdings Limited by Apis Growth Fund III (Kastor) Private Limited.

Acquiring group: The primary acquiring undertaking is Apis Growth Fund III (Kastor) Private Limited, a private company incorporated in terms of the laws of Singapore. The acquiring group is involved in investments, primarily in high-growth, capital-light financial services companies across Africa and Asia, and increasingly selected developed markets, with strong emphasis on financial inclusion and ESG-integrated investing. Financial services include, but are not limited to, payment processing and merchant acquiring, cross-border payments and money movement, card issuing and payment technology, digital banking and financial services, and cash management and payment facilitation, etc. The acquiring group is not active in Namibia. 

Target undertaking: The primary target undertaking is Korridor Holdings Limited, a private company incorporated in terms of the laws of Mauritius, and provides transborder logistical solutions, including access to, and local support for, the Korridor Platform. In Namibia, these services include onboarding and supporting Namibian and regional transport customers, holding and administering local bank accounts for customer funds, facilitating cash-free and managed cash payments for transport-related services, and operating local offices; and operating a wholesale fuel depot and associated storage facilities.

Relevant market: The Secretariat, looking at the merging parties’ activities and considering the classification of the transaction, submits that it is not necessary to definitively conclude on the relevant product market definition given that the transaction is classified as conglomerate, with no market share accretion.

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.

Merger Determination No.5 of 2026