COMMUNIQUE Acquisition ABSA House

The Board of Lavastone Ltd (“Lavastone”) wishes to inform its shareholders and the public in general that on 25 January 2022, it has entered into a Share Purchase Agreement (the “SPA”) for the acquisition of 100% of the shares of BH Property Investments Ltd, the owner of ABSA House situated at Ebene (the “Transaction”).

The Transaction will be subject to satisfactory completion of conditions precedent, including various due diligence exercises, the obtention of relevant regulatory approvals, final corporate and any other approvals required by the parties to the Transaction.

The Board is of the view that the acquisition of the ABSA House represents a unique growth opportunity for Lavastone and is in line with its investment and growth strategies. The anchor tenant is Absa Bank (Mauritius) Ltd, occupying 86% of the lettable space with a strong lease covenant.

Shareholders of Lavastone and the investing public will be kept informed of further developments in respect of this matter.

By order of the Board
Cim Administrators Ltd
Company Secretary

26 January 2022