Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 127

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 127
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 J Marais and Mr Calisto hold
substantial voting interests, and Mr Calisto is a director, given the timing of the approval of the transaction. The loan was intended
as a once-off short-term bridge financing for Picup prior to final acquisition approvals, and was fully repaid in September 2021 following
the completion of the acquisition.

Mr J Marais, Mr Calisto and Onecell Holdings (Pty) Ltd had
no interest in Picup prior to the acquisition.

In Q2 FY 2025, by way of a repurchase and cancellation by
Karooooo Logistics (Pty) Ltd of its own shares from minority shareholders, the Group’s interest increased to 74.8%.

Karooooo Logistics (Pty) Ltd: Put OptionWhen Karooooo acquired 70.1% of Karooooo Logistics (Picup) in September
2021, Karooooo entered into a Put Option Agreement with our Chief Executive Officer, Isaias (Zak) Jose Calisto, the ultimate controlling
shareholder of Karooooo, to grant Karooooo the right to sell all its interest in Karooooo Logistics to Isaias (Zak) Jose Calisto. The
put option expired on August 31, 2022. As this was a transaction between Karooooo and the ultimate controlling shareholder of Karooooo,
Isaias (Zak) Jose Calisto, the fair value and subsequent changes in fair value of the put option is recognized directly against retained
earnings, amounting to ZAR 15.3 million.

Purple Rain Properties (Pty)
Ltd (“ Purple Rain”): In February 2022, the Group acquired 100% of the shares and voting interest in Purple Rain for a
nominal consideration of ZAR 100 which equaled the net asset value and issued share capital of Purple Rain at the time.

The Transaction was a related
party transaction due to Mr J Marais and Mr Calisto indirectly owning Purple Rain through their interest in Onecell Holdings (Pty) Ltd,
a private company registered in South Africa.

Purple Rain’s only asset
is the properties at the location of the office space situated at 11 Keyes Avenue Rosebank (“office premises”), previously
utilized by Cartrack businesses in Johannesburg, South Africa prior to this acquisition, Independent valuation appraisals of these properties
had been concluded.

Given Karooooo’s consistent annual growth rate since
inception, the office premises