Description of Activities

Description of transaction: The transaction involves the sale of shares and business of Okorusu Holdings (Pty) Ltd and subsequently all its interest in Okorusu Fluorspar (Pty) Ltd to Huajing Investment Limited. 

Acquiring group: The primary acquiring undertaking is Huajing Investment Limited (“Huajing”), a limited liability company duly incorporated in accordance with the laws of the British Virgin Islands. Huajing is owned by five individuals, who hold all issued shares. 

Huajing does not have any other business interests in Namibia.

Target undertaking: The primary target undertaking is Okorusu Holdings (Pty) Ltd (“Okorusu Holdings”), a holding company duly incorporated in accordance with the laws of Namibia. The acquisition of Okorusu Holdings directly includes the acquisition of all its issued shares in Okorusu Fluorspar (Pty) Ltd (“Okorusu”), a limited company duly incorporated in accordance with the laws of Namibia. 

Okorusu Holdings is merely a holding company of Okorusu. Okorusu owns the land on which fluorspar (fluorite is a crucial industrial mineral composed of calcium and fluorine, serving as the primary source for the chemical element fluorine, which is used as a flux in steelmaking and aluminum production, as well as for producing hydrofluoric acid for chemical, battery, refrigerant, pharmaceutical, and electronic industries) is to be mined, as well as the prospecting license for base and rare metals and precious metals. The aforementioned land is situated in the Grootfontein area of the Otjozondjupa region.

Relevant market: The relevant market is defined as the extraction and export of fluorspar and related mineral extracts. 

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