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British retail and sport organisation Sports Direct is one of three foreign entities given the green-light by the Namibian Competition Commission (NaCC) to merge with Namibian companies.
The others are Australian mining company SQM Australia Pty (Ltd) and Novus Holdings Limited, that operates as a commercial printing, manufacturing and packaging business in South Africa.
A statement issued by NaCC spokesperson Gina //Gowases last Wednesday said the commission had authorised seven mergers at a meeting on 17 February.
Sports Direct, which offers a diverse mix of iconic sporting and retail brands, had its proposal to acquire S and R HoldCo (Pty) Ltd (Holdsport) approved without conditions.
“Following the implementation of the proposed transaction, S and R Holdco will be controlled by Sports Direct,” said //Gowases.
Holdsport Group incorporates retail, manufacturing, distribution and e-commerce businesses focused on the sport, outdoor and recreation sectors.
Meanwhile, Novus Holdings Limited, which has a non-controlling interest in a tissue plant in South Africa, proposed to merge with Mustek Limited in the local information technology distribution, service, and support segments.
“The proposed merger is unlikely to result in the elimination of an effective competitor, given that it is a conglomerate merger and it is approved without conditions,” said NaCC before giving the nod.
Johannes George, who has business interests in health education, training and healthcare services consultation, sought approval to acquire erf 3955, extension 10, at Swakopmund.
This is immovable property zoned for industrial use and is currently being leased by George for training purposes.
“The proposed merger is not anticipated to adversely affect employment, and the transaction is, therefore, approved unconditionally,” noted the statement.
The commission also approved, without conditions, Walvis Bay Grain Storage (Pty) Ltd’s application to acquire erf 3732 at Walvis Bay from Petrus van Niekerk.
Walvis Bay Grain Storage, a subsidiary of Namib Mills Investment Group Trust, is involved in milling maize, mahangu and flour to make pasta, bread, instant porridge and animal feeds, as well as packaging sugar and rice.
The commission assessed the proposed acquisition of Grace Simba Investments (Pty) Ltd by SQM Australia under an earn-in agreement between the parties.
Grace Simba lnvestments is the holder of the Lithium Ridge Mining Licence 133 (ML 133), and was established to progress exploration for lithium within the area of ML133.
“The Australians will make investments of a total expenditure over three-and-a-half years in three different stages to attain up to 50% ownership in Grace Simba Investments,” said the commission, adding that the proposed transaction was unconditionally approved.
The commission also received a notification involving Alma Terra Mater Investments Namibia for the acquisition of the entire issued share capital in Protek Electronics and in the immovable property owned by Protek Electronics.
In addition, Power House Holdings proposed to acquire the Windhoek Luxury Suites, a ring-fenced business of Red Trading Restaurant Close Corporation, which operates an accommodation establishment.
“The commission approved the merger on condition there will be no merger-specific retrenchments by the merged undertaking for three years after the implementation date,” read the statement.
Power House Holdings shall take over employment of all 17 employees of Windhoek Luxury Suites on terms “not less favourable than what exists and prevails on the approval date and the remaining three employees will continue to be employed by the Windhoek Luxury Suites,” directed the NaCC.
– email: matthew@namibian.com.na
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