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Investment in fibre network infrastructure
FAIRVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/032604/06
JSE share code: FTA ISIN: ZAE000304788
JSE share code: FTB ISIN: ZAE000304796
LEI: 378900E93AFC4D1CAD45
(Granted REIT status with the JSE)
("Fairvest" or the "Company")
INVESTMENT IN FIBRE NETWORK INFRASTRUCTURE
1. INTRODUCTION
Fairvest has invested in fibre network infrastructure by subscribing for shares in Onepath
Investments (RF) Proprietary Limited ("Onepath"), which is a subsidiary of Fairvest.
Onepath is a digital infrastructure investor focussed on fibre network infrastructure in townships
across South Africa. The infrastructure is acquired from and leased back to Fibertime Networks
Proprietary Limited ("fibertimeTM"), a fibre network operator and internet service provider.
fibertimeTM advances digital inclusion in South African townships by providing high quality
internet-access to township homes and communities on a pay-as-you-go model. This enables
affordable, fast and reliable connectivity for households in underserviced areas.
Neither fibertimeTM nor any of its shareholders are related parties to Fairvest.
2. RATIONALE
Fairvest's investment in Onepath, provides Fairvest with a stable, accretive dividend yield generated
from the rentals received on the underlying fibre network infrastructure operated by fibertimeTM.
The investment further provides Fairvest with access, information and insights that are valuable to
its existing retail portfolio and to the assessment of new retail opportunities. Digital inclusion in
underserviced communities unlocks opportunities for education, employment, entrepreneurship and
entertainment. As these communities are uplifted, Fairvest's core retail market is strengthened in
both its current and future areas of operation.
3. SALIENT TERMS OF THE INVESTMENT
To date, Fairvest has subscribed for 4 768 523 Onepath shares for an aggregate subscription
consideration of R476.9 million. Effective 10 December 2025, Fairvest has committed to invest up
to R1 billion in aggregate in Onepath (the "Investment").
Onepath acquires fibre networks at development cost in certain minimum tranches once metrics for
commercially viability have been met. fibertimeTM pays Onepath a base rental and a turnover rental
in terms of a 10-year lease, which fibertimeTM may extend for further 10-year periods at a rental
agreed or determined by an expert.
As the leases are triple net, fibertimeTM is responsible for the insurance, repair and maintenance and
support services in respect of the fibre networks it rents.
At 30 September 2025, Onepath had concluded sale and lease agreements in respect of fibre
networks that are commercially operational in the following townships:
fibertimeTM Fibre Networks Aggregate Purchase Price Date
(Rm)
KwaZakhele, Eastern Cape 65.7 28 November 2024
Walmer, Eastern Cape 25.9 28 November 2024
Mfuleni, Western Cape 63.3 12 April 2025
KwaNobuhle, Eastern Cape 48.8 12 April 2025
Kraaifontein, Western Cape 63.5 12 April 2025
Motherwell, Eastern Cape 79.0 12 April 2025
Alexandra, Gauteng 65.7 23 May 2025
Mangaung, Free State 29.5 23 June 2025
Soweto on Sea, Eastern Cape 51.0 23 June 2025
Makhanda, Eastern Cape 35.6 31 July 2025
KwaMashu, KwaZulu-Natal 27.9 22 August 2025
Ivory Park, Gauteng 22.8 22 August 2025
Total* 578.7
*Excluding VAT and set up costs
At 30 September 2025, Fairvest held 79.9% of Onepath's ordinary issued share capital. Fairvest
confirms that there are no provisions in the memorandum of incorporation of Onepath that may
obstruct Fairvest from compliance with the JSE Listings Requirements. Other investors, none of
whom are related parties to Fairvest, hold the balance of the issued shares in Onepath.
4. FINANCIAL INFORMATION
Fairvest has, over the period from 28 November 2024 to 30 September 2025, subscribed for ordinary
shares in Onepath amounting to R476.9 million. The subscription tranches are summarised below:
Date of subscription Investment
(Rm)
28 November 2024 54.3
15 January 2025 11.5
12 March 2025 0.8
12 April 2025 171.8
23 May 2025 74.7
23 June 2025 94.0
31 July 2025 69.8
476.9
For the period 28 November 2024 to 30 September 2025, the distributable profit attributable to
Fairvest's investment in Onepath amounted to R29.7 million, representing an annualised yield of
14.9% on its investment.
This financial information has been extracted from Onepath's unpublished, audited financial
statements for the year ended 30 September 2025, prepared in accordance with International
Financial Reporting Standards (IFRS). Fairvest confirms that it is satisfied with the quality and
reliability of these financial statements.
Fairvest has not subscribed for any additional shares in Onepath after 30 September 2025 up to the
date of this announcement.
5. CATEGORISATION
The Investment, as aggregated, is classified as a category 2 transaction in terms of the JSE Listings
Requirements and is not subject to shareholder approval.
11 December 2025
Sponsor
Java Capital
Date: 11-12-2025 04:00:00
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