Description of Activities

Description of transaction: The transaction involves the acquisition of issued share capital in Direct Auto by FIIT from Mr. Marco van den Heever. 

Acquiring group: The primary acquiring undertaking is Frans Indongo Investment Trust (“FIIT”), a trust duly incorporated in accordance with the laws of Namibia. FIIT has interests in various industries such as automotive, manufacturing, and property.

Target undertaking: The primary target undertaking is Direct Auto Close Corporation (“Direct Auto”), a company duly incorporated in accordance with the laws of Namibia that conducts business activities such as vehicle fitment and related activities in Namibia. 

Relevant market: The parties submit the relevant market is the vehicle fitment (canopies, towbars, tyres and bull-bars) market in Namibia.

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