Description of Activities

Description of transaction: The transaction entails the acquisition by BSi Steel Holdings Proprietary Limited of the entire issued share capital of Clotan Steel Proprietary Limited. 

Acquiring group: The primary acquiring undertaking is BSi Steel Holdings, a South African holding company that manages equity interests in subsidiaries operating in the steel processing and distribution sector. The acquiring group is active in in-house steel processing services, which involve the transformation of primary steel materials into semi-finished or customized forms. They also do roofing and Light Steel Framework through their subsidiary Glenmor Investments. The acquiring group is also involved in the distribution of steel products, including primary, semi-finished, and finished steel products, to various sectors such as construction, mining, and infrastructure. In Namibia, the acquiring group operates through its subsidiary Glenmor Investments. The acquiring group also exports products into Namibia via its South African subsidiary, BSi Steel Export Proprietary Limited. 

Target undertaking: The primary target undertaking is Clotan Steel. Clotan Steel is a South African company that manufactures and distributes steel products, with a primary focus on roofing and steel processing services. Its operations include the production and supply of roofing products and accessories for residential, commercial, and industrial applications, as well as steel processing and forming services, which involve the processing of steel coil and sheet into customized profiles and sections for structural and roofing applications. 

Relevant market: The merging parties defined the relevant market as the market for the processing and distribution of steel products. 

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