VISUAL INTERNATIONAL HOLDINGS LIMITED - Update on Non-binding Offer from Serowe Industres Proprietary Limited

Update on Non-binding Offer from Serowe Industres Proprietary Limited

VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
ISIN Code : ZAE000187407 Share code : VIS
("Visual" or "the Company")


UPDATE ON NON-BINDING OFFER FROM SEROWE INDUSTRIES PROPRIETARY LIMITED


Shareholders are referred to the announcement released on 16 September 2025 regarding
the non-binding offer ("NBO") received from Serowe Industries Proprietary Limited ("Serowe")
in respect of the potential subscription for a minority equity interest in Visual International
Holdings Limited ("Visual" or "the Company").

Shareholders are hereby advised that the due diligence investigation being conducted by
Serowe is ongoing. In this regard, and following engagement between the parties, the period
of exclusivity granted to Serowe has been extended until the end of February 2026.

All other terms and conditions of the non-binding offer, as disclosed in the announcement
dated 16 September 2025, remain unchanged.

Shareholders are reminded that the expression of interest remains non-binding and that the
proposed transaction is subject to, inter alia, the satisfactory completion of due diligence,
the submission of a binding offer, the conclusion of definitive transaction agreements, and
the receipt of all necessary regulatory, board and shareholder approvals, where applicable.

The Company will continue to keep shareholders informed of any material developments in
accordance with the JSE Listings Requirements.

By order of the Board
Johannesburg
29 December 2025

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 29-12-2025 12:10:00
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