Description of Activities

Description of transaction: The Commission resolved to approve without conditions the acquisition by Asco Car Hire Proprietary Limited (“Asco Car Hire”) of controlling interest in Gomes Investments Proprietary Limited.

Acquiring group: The acquiring undertaking is ASCO Car Hire, a car rental company specialising in 4x4 vehicle rentals for self-drive adventures throughout Namibia and Southern Africa. The acquiring group is also involved in the tourism, and transportation industry and consulting services focused on accounting software solutions.

Target undertaking: The target undertaking is Gomes Investments Proprietary Limited a property holding and investment company that primarily leases real estate assets to other businesses. The company’s operations are centred on managing and maintaining its property portfolio, ensuring steady rental income and long-term value appreciation. 

Relevant market: The Secretariat looking at the activities of the merging parties defined the product market as properties zoned as business.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian Laws.