Chamwe Kaira
The Namibian Competition Commission (NaCC) has approved the acquisition of Novaship Namibia by Murrelets Investments, with conditions linked to employment protection.
Murrelets Investments will acquire 100% of the shares in Novaship Namibia.
The acquiring company is based in Namibia and has interests in the fishing sector, including management services, investments in fishing companies and shareholdings in related service providers.
Novaship Namibia operates in the maritime services sector. It provides ship agency, clearing and forwarding services in Walvis Bay, as well as marine safety and handling services in Walvis Bay and Lüderitz.
The commission classified the deal as a conglomerate merger. It defined the market as maritime logistics and shipping services, including ship agency services, marine safety equipment servicing, ship chandling, freight forwarding and stevedoring.
NaCC said the deal is unlikely to reduce competition or create a dominant market position. It raised concerns about employment and imposed conditions to protect jobs.
In a separate decision, NaCC approved the acquisition of preference shares in Letshego Bank Namibia by the IJG Securities Money Market Trust.
The trust is registered in Namibia and invests in financial instruments such as unit trusts, treasury bills, bonds and shares on behalf of clients linked to IJG Holdings.
Letshego Bank Namibia provides consumer and micro-lending services in the country.
This deal was also classified as a conglomerate merger. The commission defined the market as banking services in Namibia.
It found that the transaction will not reduce competition or create market dominance. No public interest concerns were identified, and the deal was approved without conditions.
