Description of Activities

Description of transaction: The transactions involve the acquisition of (1) the entire business and sale of assets of Union Tiles by Union Group, and (2) the entire shareholding in Phoenix by Acquadale. 

Acquiring group: The first Primary Acquiring Undertaking is Union Group Propriety Limited (“Union Group”), a limited company duly incorporated in accordance with the laws of South Africa, and the second Primary Acquiring Undertaking is Acquadale Holdings Propriety Limited (“Acquadale”). The two Primary Undertakings are subsidiaries of Origin Corp (Pty) Ltd, which is controlled by Riverdale Investment (Pty) Ltd, and together they constitute the (“Acquiring Group”). The Acquiring Group is involved in the supply of chemicals in the agriculture and mining sectors, protective equipment, coatings, the manufacturing and distribution of plastic packaging products as well as fabrication of steel piping throughout South Africa. The Acquiring Group has no business activities in Namibia.

Target undertaking: The first Primary target undertaking is Union Tiles Propriety Limited (“Union Tiles”), a South African retail and wholesale group that provides tiles and other housing equipment in South Africa and Namibia, and it is owned by the AV Ghisleni Family Trust and the GA Ghisleni Family Trust. In Namibia, Union Tiles controls Union Tiles (Windhoek) (Pty) Ltd and Union Tiles (Swakopmund) (Pty) Ltd, and both are private companies duly incorporated in accordance with the laws in Namibia and are actively dealing in tiles and other household products. The second Primary Target undertaking is Phoenix Machine Properties Proprietary Limited (“Phoenix”), is a South African property holding company with no business activities in Namibia.

Relevant market: The parties submit that the relevant market is the manufacturing and supply of decorative coatings (paints) and tiles in Namibia.

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