Description of Activities

Description of transaction: The proposed transaction involves the sale and acquisition of the total shareholding relating to Grove Mall of Namibia Proprietary Limited by Gold View Investments Proprietary Limited.

Acquiring group: The primary acquiring undertaking is Gold View Investments Proprietary Limited. Gold View Investments Proprietary Limited’s shareholding is held by Namstead Limited, which is in turn jointly controlled by Homestead Group Holdings Ltd and Rockrunner Real Estate Limited. The acquiring group's business activities mainly revolve around investment in property, shares, securities, or equities outside of Namibia and are currently active in Switzerland, Mauritius, the British Virgin Islands, and South Africa.

Target undertaking: The primary target undertaking is the Grove Mall of Namibia Proprietary Limited, a private company incorporated in terms of the laws of Namibia, whose business activities relate to property for long-term capital appreciation and to earning rental income. Currently the target undertaking runs the Grove Mall in Windhoek.

Relevant market: The merging parties submit that the product market is that of retail malls, while the geographical market is defined as Windhoek.

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