Description of Activities

Description of transaction: The proposed transaction involves the acquisition by Thunderstruck Holdings Proprietary Limited (“Thunderstruck Holdings”) of 100% of the issued share capital of Augusta Steel Proprietary Limited (“Augusta”). Post-merger, Thunderstruck Holdings will have sole control of Augusta. 

Acquiring group: The primary acquiring undertaking is Thunderstruck Holdings, a private company incorporated in South Africa. Thunderstruck Holdings does not control any undertaking and is wholly owned by Barnes Group Holdings Proprietary Limited, which is in turn wholly owned by Doron Holdings Barnes Proprietary Limited. The Acquiring Group are manufacturers/suppliers of wire and wire products, tubes, and pipes. Furthermore, it provides high-carbon rods and high-quality low-carbon rods, flat steel in coil, rebar, and other types of round bar. It also manufactures round, square, and rectangular steel tubing and open sections from hot-rolled, cold-rolled, and pre-galvanized material. The Acquiring Group has no physical presence in, nor earns any revenues from, Namibia.

Target undertaking: The primary target undertaking is Augusta, a private company incorporated in South Africa. Augusta does not control any undertaking, and it is controlled by MyChina Proprietary Limited. Augusta is a South African manufacturer/supplier of various steel products derived from flat steel; among them are steel tubing products in various sizes and open section products of various sizes, which are also supplied/distributed in Namibia. 

Relevant market: The merging parties submit that the relevant market is the Namibian distribution of steel products. 

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