Description of Activities

Description of transaction: The proposed transaction involves 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 a 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; 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 that 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, operating local offices, and operating a wholesale fuel depot and associated storage facilities.

Relevant market: The parties define the relevant product market as the national market for the supply of diesel fuel and the national market for the provision of payment solutions and related services.

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