The board of Barloworld Limited (JSE:BAW) intent to spin-off Avis Southern Africa on November 21, 2022. Barloworld Limited on November 21 announced its board's approval to unbundle its stake in Avis Southern Africa by way of a separate listing on the Main Board of the Johannesburg Stock Exchange as Zeda Group. The unbundling will be implemented by listing 100% of the issued ordinary share capital of Zeda on the Main Board of the JSE on December 13, 2022. Ordinary Barloworld shareholders recorded on the Barloworld share register on December 12, 2022 will receive 1 Zeda Ordinary Share for every 1 Barloworld Ordinary Share held, giving shareholders access to two promising businesses. This unbundling represents a completion of Barloworld's non-core divestiture programme and will result in a more stream-lined business whose strategy and capital allocation is focused on the Industrial Equipment & Services and Consumer Industries verticals. Once listed, Zeda will be the only integrated mobility solutions provider of its kind in southern Africa. By leveraging this integrated system along with Avis and Budget customer loyalty, Zeda has unparalleled forecasting capabilities which allow it to proactively assess the consumer landscape and adapt to market demands. Operating as a standalone company will enable Zeda to pursue its growth strategy, with autonomy on capital allocation. The board of Barloworld Transaction is Subject to the approval of the JSE. The JSE has granted Barloworld and Zeda approval for the Listing under the abbreviated name “Zeda”, share code ZZD and ISIN ZAE000315768, subject to Zeda obtaining the requisite spread of shareholders as required by JSE Listings Requirements, with the Listing taking place with effect from the commencement of business on December13, 2022. Unbundling Record Date to receive JSE-listed Zeda Distribution Shares pursuant to the Unbundling is December 15, 2022.

The board of Barloworld Limited (JSE:BAW) completed the spin-off Avis Southern Africa on December 13, 2022