ASTORIA INVESTMENTS LIMITED - Partial disposal of interest in OIH

Partial disposal of interest in OIH

ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 129785 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA
ISIN: MU0499N00015
("Astoria" or "the Company")

PARTIAL DISPOSAL OF INTEREST IN OIH

1.     Introduction

       Shareholders are advised that, on 30 July 2025, the investment manager of the Company concluded an
       agreement with Outdoor Investment Holdings (Pty) Ltd ("OIH") ("Sale Agreement"), in terms of which OIH
       will repurchase 320 of its own ordinary no-par value shares ("OIH Shares") from Astoria at a price of
       R330 604.53 per OIH Share ("Transaction"), being a total consideration of R105 793 451.00 ("Sale Price")
       payable in cash.

2.     Overview of Astoria

       Astoria is a Mauritian domiciled, global investment company that aims to grow its net asset value per share,
       measured in US Dollars, at a high real rate over time. Astoria was incorporated on 20 April 2015 in Mauritius
       and holds a Global Business License in accordance with the Mauritian Companies Act, 2001 and the
       Mauritian Financial Services Act, 2007. Astoria has primary listings on the Stock Exchange of Mauritius
       ("SEM") and the Alternative Exchange of the JSE Limited ("JSE").

3.     Overview of OIH

       OIH is the investment holding company of the niche hunting and outdoor retailer Safari and Outdoor,
       hunting and outdoor wholesalers Inyathi and Formalito, sporting goods wholesaler Adventure Brands, as
       well as the chain of mega pet stores, Family Pet Centre.

       More information about OIH is available at www.outdoorinvestment.co.za.

4.     Rationale for the Transaction

       Through the Transaction Astoria realises a portion of its investment in OIH into cash, and in so doing reduces
       the concentration of its portfolio. After the Transaction, Astoria will remain the largest shareholder in OIH
       with a 33.15% shareholding. The majority of the remaining beneficial owners of OIH comprise of the
       management and founding shareholders of OIH who are not related parties of Astoria.

5.     Salient terms of the Transaction

5.1.      Conditions precedent

          The Transaction is not subject to any conditions precedent.

5.2.      Effective date

          The effective date of the Transaction is 31 July 2025.
5.3.      Representations and warranties

          The Sale Agreement contains representations and warranties which are standard for a transaction of
          this nature.

6.     Financial information

       OIH's net asset value per share as at 30 June 2025 and its per share net profit after tax for the four months
       ended 30 June 2025 is R175 297 and R16 084, respectively. This information has been extracted from OIH's
       unaudited management accounts for the 4 months ended 30 June 2025 and has been prepared in
       accordance with International Financial Reporting Standards. The Company is satisfied with the quality of
       the relevant management accounts of OIH; however, shareholders are cautioned that they are unaudited.

7.     Application of sale proceeds

       The cash proceeds from the disposal of the OIH Shares will be invested into short-term interest-bearing
       instruments.

8.     Categorisation

       The Transaction was concluded in the ordinary course of business pursuant to Astoria's investment policy.
       When categorised it represents more than 10% of Astoria's market capitalisation and has accordingly been
       announced in compliance with section 15.8 of the JSE Listings Requirements.

Astoria has primary listings on the SEM and the Alternative Exchange of the JSE.

This announcement is issued pursuant to SEM Listing Rules 11.3 and Rule 5(1) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007. The board of directors of Astoria accepts full responsibility for the
accuracy of the information contained in this announcement.


Mauritius
30 July 2025

Designated Advisor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited

Company Secretary
Clermont Consultants (MU) Limited

Date: 30-07-2025 02:30:00
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