Description of Activities

Description of transaction: The transaction constitutes an intra-group or internal restructuring, involving the acquisition of additional shares in Namstyro Manufacturing (Proprietary) Limited by existing shareholders. Under the proposed transaction, Mr. Christian Wolfram Mette and Mr. Peter Hugo Pahl will acquire in equal proportions shareholding previously held by the late Ms. Maria Adelia Fernandez. Upon completion, Namstyro Manufacturing (Proprietary) Limited will be equally owned by Mr. Mette and Mr. Pahl and exercising joint control over the company.

Acquiring group: The acquiring group comprises the two natural persons, Mr. Christian Wolfram Mette and Mr. Peter Hugo Pahl, who will, upon implementation of the transaction, jointly hold the entire issued share capital of Namstyro Manufacturing (Proprietary) Limited. In addition, Mr. Mette and Mr. Pahl hold interests in several property-related entities, namely Mont Vinum Properties and Shibusa Investment (both engaged in property investment), Molenweg 16 (property owning and development), Lang Prop and Elisabeth Hof (property holding), and Niedersachsen (property development). All the abovementioned properties are in Swakopmund. Accordingly, the acquiring group’s activities are primarily concentrated in property investment, holding, and development, in addition to the fish processing and marketing activities conducted through North Quay.

Target undertaking: The target undertaking is Namstyro Manufacturing (Proprietary) Limited, which is a company incorporated in Namibia that principally conducts property holding and investment activities. The company was formerly engaged in the manufacture of packaging materials and related products but has ceased such operations. It owns immovable property in Walvis Bay, Namibia, zoned for light industrial use, which is the subject of the proposed sale.

Relevant market: The relevant market for the transaction is the market for light industrial property in Walvis Bay, Namibia.

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