AFRIMAT LIMITED - Disposal of Divestiture Businesses pursuant to Competition Tribunal conditions related to the Lafarge Acquisition

Disposal of Divestiture Businesses pursuant to Competition Tribunal conditions related to the Lafarge Acquisition

AFRIMAT LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2006/022534/06)
Share code: AFT
ISIN: ZAE000086302
("Afrimat" or "the Company")


DISPOSAL OF DIVESTITURE BUSINESSES PURSUANT TO COMPETITION TRIBUNAL CONDITIONS RELATED TO THE 
LAFARGE ACQUISITION


Shareholders are referred to the previous announcements relating to Afrimat's acquisition of
Lafarge South Africa Holdings (Proprietary) Limited ("Lafarge") and its subsidiaries ("Lafarge
Acquisition"), and in particular to the conditional approval granted by the Competition
Tribunal of South Africa on 10 April 2024 ("Tribunal Approval").

In terms of the Tribunal Approval, Afrimat was required to divest of certain general aggregates
quarries and readymix concrete plants across South Africa ("Divestiture Businesses") as a
condition of the merger approval.

Afrimat is pleased to announce that it has completed the disposal of the Divestiture
Businesses to Saturc Proprietary Limited ("Saturc") pursuant to a sale of business
agreement concluded between Afrimat and Saturc ("Disposal").

All conditions precedent to the Disposal have been fulfilled, including inter alia approval of
Saturc as the purchaser by the Competition Commission in terms of the Lafarge merger
conditions, the requisite ministerial consents under Section 11 of the Mineral and Petroleum
Resources Development Act, 2002, and all other regulatory approvals and authorisations
required for implementation of the Disposal. The Disposal is accordingly effective as of 8
June 2026 ("Effective Date") and will close on 1 July 2026 ("Closing Date").

The Purchase Consideration for the Disposal amounts to R215,0 million in aggregate,
comprising a cash amount of R160,0 million payable on the Closing Date, with the balance
of R55,0 million being deferred and payable over three years, subject to the fulfilment of
certain financial and operational conditions.

The Disposal gives full effect to Afrimat's obligations under the Tribunal Approval and fulfils
the divestiture conditions imposed as part of the merger approval of the Lafarge Acquisition.

Cape Town
10 June 2026

Sponsor
Valeo Capital (Pty) Ltd

Date: 10-06-2026 07:15:00
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