Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 56

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 3
Chunk 56
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 rights represented of all of them, may themselves, proceed to convene such meeting, and we will be liable
for the reasonable expenses incurred by such requisitioning shareholders. We are also required by the Singapore Companies Act to deduct
corresponding amounts from fees or other remuneration payable by us to such of the directors who are in default.

Singapore take-over laws contain
provisions that may vary from those in other jurisdictions.

The Singapore Take-Over Code applies
to, among others, corporations with a primary listing of their equity securities in Singapore. While the Singapore Take-Over Code is drafted
with, among others, listed public companies in mind, unlisted public companies with more than 50 (fifty) shareholders and net tangible
assets of S$5.0 million or more, must also observe the letter and spirit of the general principles and rules of the Singapore Take-Over
Code, wherever this is possible and appropriate. Public companies with a primary listing overseas may apply to Securities Industry Council
(“ SIC”) to waive the application of the Singapore Take-Over Code. As at the date of this annual report, no application has
been made to SIC to waive the application of the Singapore Take-Over Code in relation to us.

In this regard, the Singapore
Take-Over Code contains certain provisions that may possibly delay, deter or prevent a future take-over or change in control of us. Under
the Singapore Take-Over Code, except with the consent of SIC, any person acquiring an interest, whether by a series of transactions over
a period of time or not, either on his own or together with parties acting in concert with him, in 30% or more of our voting shares is
required to extend a take-over offer for all remaining voting shares in accordance with the procedural and other requirements under the
Singapore Take-Over Code.

Except with the consent of SIC,
such a take-over offer is also required to be made if a person holding between 30% and 50% (both inclusive) of our voting shares, either
on his own or together with parties acting in concert with him, acquires additional voting shares representing more than 1% of our voting
shares in any six-month period. While the Singapore Take-Over Code seeks to ensure an equality of treatment among shareholders in take-over
or merger situations, its provisions could substantially impede the ability of the shareholders to benefit from a change of control and,
as a result, may adversely affect the