Erindi, Ohorongo deals under scrutiny

29 May 2019 | Business

ELLANIE SMIT



The deal to purchase the Erindi Private Game Reserve through a company registered in the British Virgin Islands is among several mergers being investigated by the Namibian Competition Commission (NaCC), who has called for interested parties or stakeholders to submit their input within 15 days.

The commission also confirmed yesterday to Namibian Sun that contrary to a media statement issued by Mexican billionaire Alberto Baillères that he is acquiring Erindi through his multinational consortium, the BAL Group, the transaction was filed under a company called Rembo Ltd.

“The commission has requested the acquiring undertaking to indicate if that is still the case. We are awaiting a response in this regard,” said NaCC spokesperson Dina Gowases.

The 87-year-old Baillères last week announced in a statement that a sales agreement is being finalised with the owners of Erindi through which the BAL Group will acquire the 71 000-hectare game ranch, subject to NaCC approval, and certain other contractual party-related suspensive conditions.

According to the NaCC the proposed transaction, however, entails Rembo Ltd acquiring the entire issued share capital of Erindi Ranch (Pty) Ltd and Otjimakuru Wild (Pty) Ltd from the current owners.

Pursuant to the implementation of the proposed transaction Erindi Ranch and Otjimakuru Wild will be wholly owned by Rembo Ltd, the NACC said.

According to the commission Rembo Ltd is a company incorporated in the British Virgin Islands and is wholly controlled by the Tembo Trust.

It said Tembo Trust is a newly established entity and was established for the purpose of facilitating the proposed transaction/s.

“Rembo Ltd and the Tembo Trust are not involved in any business activities, nor do they produce any products or provide any services in, into or from Namibia,” the NaCC said.

Ohorongo

A transaction between Schwenk Namibia (Pty) Ltd, Ohorongo Cement, Energy for Future, Schwenk Industries, Schwenk Zement International GMBH CO KG and the International Cement Group is also being investigated by the commission (ICG).

Singapore Stock Exchange-listed ICG has expressed interest in acquiring a 100% stake in Schwenk Namibia for US$104.4 million (about N$1.53 billion).

Schwenk Namibia owns close to 70% of Ohorongo Cement and 100% of shares in alternative fuel supplier Energy for Future.

The commission said based on the documents and information provided in respect of the merger filing, the proposed transaction entails the acquisition of 100% of the issued share capital in Schwenk Namibia from its parent company, Schwenk Zement International GmbH, by ICG.

Also under investigation is a transaction between Little Etosha Conservation Holdings and Hopewell Farming.

The commission said that based on the documents provided in respect of the merger filing, the proposed transaction entails the acquisition by Little Etosha Conservation Holdings of 100% of the issued share capital in Hopewell Farming.

Hopewell Farming is located in the Kunene Region and measures 4 512 hectares in size. It is solely owned by Cecil de Villiers.

Another matter under investigation by the NaCC is a transaction between the Allegrow Fund and Avbob Namibia Holdings.

According to the commission the proposed transaction entails the acquisition by Allegrow Fund (Pty) Ltd of 100% of the issued share capital in Avbob Namibia Holdings (Pty) Ltd and its subsidiaries, from its parent company Avbob Mutual Assurance Society.

Allegrow is a wholly-owned subsidiary of Eos Capital, which is in turn controlled by Gamma Investments CC.

Avbob Namibia and its subsidiaries are active in the provision of funeral services, the manufacture and supply of coffins and the sale of wreaths and funeral-ware.

The proposed transaction for the acquisition by Heat Exchange (Pty) Ltd of Valco Pipes CC is also being investigated.

Heat Exchange is a portfolio company under the Allegrow Fund, while Valco Pipes supplies water pipes and allied products used to transfer potable and non-potable water to the Namibian market.

The acquiring group’s activities include, amongst others, the supply of chemicals used in water purification, the design, manufacturing and management of water treatment and heat transfer solutions and the supply of pumps, valves and flow meters.

It also includes the reselling of tissue paper products, liquid detergents, soap products, converted paper products and the supply of hygiene and cleaning equipment.

The construction of prefabricated modular storage units, roof sheeting, doors and windows applied in cold rooms and freezer rooms, truck bodies, import and export and related activities are further included.

The commission said stakeholders, including customers, suppliers, and competitors to the merging parties, or any party who has an interest in any of the above matters, have 15 days to submit a written submission to the commission by completing a concern form.

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