Guest Contributor | Jan 17, 2023 | 0
Competition Commission approves application to sell Safari Hotel to Mauritian investor
The deal to sell the Safari Hotel complex to a foreign investor has been approved by the Competition Commission without any conditions, effectively opening the door for the transaction to go ahead with Condor Kite WDH Ltd from Mauritius becoming the Safari’s new owner.
Condor Kite is controlled by Kasada Hospitality Fund.
In a statement issued on Wednesday 07 July, the Commission’s Corporate Communications Practitioner, Ms Dina Gowases, indicated that the application was served before the commission on 07 May 2021. Submitted as part of the legal process to obtain the approval of the Namibian Competition Commission, the application seeked the transfer of the full share capital of three family trusts in the Safari’s registered owner, JN Hamman Beherende Belegging (Edms) Bpk.
“JN Hamman Beherend holds the entire shareholding in, and directly controls Safari Hotels (Pty) Ltd (“Safari Hotels”), herein referred to as the Hotel Business, thus the proposed transaction will result in Condor Kite and the acquiring group, acquiring unfettered control over JN Hamman Beherend and ultimately Safari Hotels,” according to the Commission’s statement.
The transaction was approved on 17 June 2021. It is the Commission’s opinion that the proposed transaction will not prevent of lessen competition in the hotel industry. Efforts to find a new owner for the Safari Hotel compound has been going on since 2016.
The sales agreement protects the positions of all 43 employees. Once Condor Kite has assumed control of the Safari, it is their intention to revamp the business and hire more staff.
Olivier Granet (left), Managing Partner and Chief Executive of Kasada Hospitality Fund, Alfredo Lourenço Pimenta, the Managing Director of Safari Hotels and David Damiba, Managing Partner and Chief Investment Officer of Kasada, at the signing of the sales agreement on 12 May 2021.