Description of Activities

Description of transaction: The proposed transaction involves two indivisible transactions. Whereby Frans Indongo Investment Trust (“FIIT”) will acquire the hotel business known as the Protea Hotel by Marriott Pelican Bay from Namundjebo United (Proprietary) Limited (“Namundjebo United"), and Pelican Properties (Proprietary) Limited (“Pelican Properties”) will acquire the immovable property Erf 4538 (A Portion of Erf 4537), Walvis Bay, from Namundjebo United.  

Acquiring group: The first primary acquiring undertaking is FIIT, represented by its trustees for the time being, and it is a trust incorporated in terms of the laws of Namibia. The Frans Indongo Investment Trust (FIIT) group of companies is a diversified Namibian conglomerate with interests in various industries, such as automotive, manufacturing, property, and distribution.

The second primary acquiring undertaking is Pelican Properties, which is a company incorporated in terms of the laws of Namibia, and it is controlled by FIIT. Pelican Properties generates revenue through rental income. 

Target undertaking: The primary target undertaking is the hotel business known as the Protea Hotel by Marriott Pelican Bay in Walvis Bay and the immovable property Erf 4538 (a portion of Erf 4537), Walvis Bay (“Target Property”) from Namundjebo United. Namundjebo United is a company incorporated in terms of the laws of Namibia that operates the hospitality and accommodation business under the name and style of Protea Hotel by Marriott Pelican Bay in Walvis Bay (“the Pelican Bay Hotel"), which is being acquired by FIIT, and also owns the Target Property on which it runs its business that is being acquired by Pelican Properties.

Relevant market: The merging parties submit that the relevant market is the provision of hospitality and accommodation services in Walvis Bay. 

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