SABVEST CAPITAL LIMITED - Acquisition of the Rudholm Group by the ITL Group

Acquisition of the Rudholm Group by the ITL Group

SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
ISIN: ZAE000283511
JSE share code: SBP
("Sabcap")

ACQUISITION OF THE RUDHOLM GROUP BY THE ITL GROUP

Shareholders are advised that ITL Holdings Limited (Jersey) (ITLH) through one of its
subsidiaries has agreed to acquire 100% of Rudholm Group International AB
(Rudholm) and Bamatex AB (together the Rudholm Group) in Sweden (the Proposed
Transaction).

Rudholm Group is an international supplier of packaging, labelling, trims and digital solutions
for the apparel and footwear industries, operating across 12 countries with 9 production hubs
and 20 offices throughout Europe, Asia and North America. Rudholm is an unlisted Swedish
company founded in 1951 and is controlled by the Jonas Wollin family.

The ITL Group (ITL) is an international designer, manufacturer and distributor of apparel
labelling and identification products and supply chain management solutions, including RFID,
from its factories and marketing offices in 15 countries for supply to the clothing industry
worldwide through multiple international retail chain accreditations. ITL derives from the
original SA Bias Binding Manufacturers Limited (SA Bias) trims operations established in
South Africa in 1933 and separately branded as ITL from 1990 based in the UK. ITL was grown
and controlled by the Philip and Carl Coutts-Trotter family and Sabcap through SA Bias until
2017 when ITL was sold to the Peter Gain family and associates. Sabcap and the Coutts-
Trotter family reinvested directly in ITLH and currently hold 34% and 5,5% respectively.

The parties anticipate material synergies and growth in the combined operations. There is
negligible overlap in the customer bases and each has additional complementary product
offerings which will facilitate cross-selling. Where both have distribution or production facilities
in the same countries there is material scope for co-operation.

The Proposed Transaction is subject to customary closing conditions (including Swedish
foreign direct investment approval) and is expected to be unconditional by 31 August 2026.
The consideration will be settled partially in cash and partially through the issue of new ITLH
shares. This will result in the Jonas Wollin family and key management of Rudholm owning
11% of the combined ITL-Rudholm group and they will participate on the board and in
management at group level. ITLH will settle the cash portion from its own resources and from
increased facilities with FirstRand Bank Limited, acting through its RMB division.

As a result of the issue of new ITLH shares, Sabcap's interest in ITLH will dilute from 34% to
30,5% in the larger ITL-Rudholm group. The Proposed Transaction is expected to be value
accretive for Sabcap.

Sandton
11 August 2026

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 11-08-2026 05:30:00
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