Description of Activities

Description of transaction: The proposed transaction involves the acquisition by the acquiring group, which comprises Salt Equity (“The Fund”), Facilite D’investissement Et De Southern Soutien Aux Enterprises En Afrique (“FISEA”), and Jan Bosch Investment Limited (“JBIL”), of the entire issued share capital in the Namibian Oncology Centre (Pty) Ltd (“NOC”).  

Acquiring group: The acquiring group comprises The Fund, FISEA, and JBIL. The Fund is managed by Salt Capital GP Ltd (“the General Partner”). The business activity of the fund is raising capital from various investors, which is further invested in 3rd-party businesses in the SADC region.  FISEA is duly registered and incorporated in terms of the laws of France. It is an impact fund-of-fund that aims to create employment and economic growth in Africa. FISEA is solely controlled by Agence Française de Développement ("AFD"), which is one of the world's oldest development banks, currently not active in Namibia. 

JBIL does not directly conduct any business activity in Namibia. However, its general activity outside Namibia is that of identifying, investing in, and managing mid-market private equity investments to capitalize on the growth potential of Africa with collaborative partnerships with African business owners.

In Namibia, the acquiring group controls Salt Investment Holdings (“SIH”). SIH controls Medfam Holdings (Pty) Ltd, which owns and operates Rhino Park private hospital in Windhoek (“Rhino Park”). SIH, furthermore, controls the Welwitschia Hospital Group which includes Walvis Bay Medipark (Pty) Ltd, Erongo Radiology (Pty) Ltd, Otjiwarongo Medical Services (Pty) Ltd, Medipark Equipment Rental (Pty) Ltd and Specscare Namibia (Pty) Ltd.

Walvis Bay Medipark (Pty) Ltd operates the Welwitschia Hospital situated in Walvis Bay, Erongo Region. Radiology (Pty) Ltd is a privately owned and operated medical diagnostic imaging centre operating in Walvis Bay, Swakopmund, Arandis, Otjiwarongo, Arandis, and Lüderitz. Otjiwarongo Medical Services (Pty) Ltd is a property holding company, holding the land and building upon which Erongo Radiology (Pty) Ltd operates from in Otjiwarongo. Medipark Equipment Rental (Pty) Ltd is active in the leasing of medical equipment and other assets to the medical institutions. Specscare provides medical care and recovery services for patients requiring rehabilitation after surgery, illness, or injury.

Target undertaking: The primary target undertaking is the NOC, incorporated in terms of the laws of the Republic of Namibia. It is a private healthcare company; specifically, it is an oncology treatment centre and offers various services, namely, clinical & radiation oncology, radiation therapy, chemotherapy services, paediatric oncology, oncology pharmacy, inpatient cancer care ward, diagnostic and support services, occupational therapy, rehabilitation & allied health services, counselling, and psychosocial support. 

Relevant market: The merging parties submit that the relevant market concerns the operation of the oncology centre and provision of specialized oncology services.

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