Samsonite International Limited (Samsonite) announced that it has renewed a number of agreements with the Tainwala Group relating to ongoing connected transactions for its business in India. The transaction is effective from January 1, 2024 and sets a maximum trading year for the year ending December 31, 2024. Mr. Ramesh Tainwala serves as a director at Samsonite India and Samsonite Middle East and controls more than 10% of the voting rights, and is therefore considered a connected person. Under Chapter 14A of the Listing Rules, the transaction is considered a continuing connected transaction, but is subject to a full exemption as the transaction amount is below the maximum applicable percentage rate of 1% under the Listing Rules. Xinhua stated that all transactions were conducted on general business...Show More

Samsonite International Limited (Samsonite) announced that it has renewed a number of agreements with the Tainwala Group relating to ongoing connected transactions for its business in India. The transaction is effective from January 1, 2024 and sets a maximum trading year for the year ending December 31, 2024. Mr. Ramesh Tainwala serves as a director at Samsonite India and Samsonite Middle East and controls more than 10% of the voting rights, and is therefore considered a connected person. Under Chapter 14A of the Listing Rules, the transaction is considered a continuing connected transaction, but is subject to a full exemption as the transaction amount is below the maximum applicable percentage rate of 1% under the Listing Rules. Xinhua stated that all transactions were conducted on general business terms and that the terms of the transaction were fair and reasonable and in the overall interests of the company and its shareholders. The Company's Board of Directors (including independent non-executive directors) also confirmed the fairness of the transaction. Novelty voluntarily announces this news to ensure full disclosure to shareholders and investors.