The board of directors of Samsonite International S.A. has approved increasing the annual cap on the total amount payable by the group to Tainwala Group for the year ending December 31, 2024, from 16.5 million USD to 18.5 million USD. This decision is due to the group's expectation of increasing procurement of finished products from the Tainwala Group in 2024. The total annual cap on the amount payable by Tainwala Group to the group remains unchanged.The revised annual cap is primarily determined based on the following factors: (1) the actual and estimated procurement volume between Samsonite India and Tainwala Group; (2) agreed rental and related expenses under the lease agreement; (3) the actual and estimated procurement volume of finished products, parts, and manufacturing services procured...Show More

The board of directors of Samsonite International S.A. has approved increasing the annual cap on the total amount payable by the group to Tainwala Group for the year ending December 31, 2024, from 16.5 million USD to 18.5 million USD. This decision is due to the group's expectation of increasing procurement of finished products from the Tainwala Group in 2024. The total annual cap on the amount payable by Tainwala Group to the group remains unchanged.The revised annual cap is primarily determined based on the following factors: (1) the actual and estimated procurement volume between Samsonite India and Tainwala Group; (2) agreed rental and related expenses under the lease agreement; (3) the actual and estimated procurement volume of finished products, parts, and manufacturing services procured by the group from Abhishri; (4) expected market conditions and changes in exchange rates. As the highest applicable percentage under the Listing Rules for the relevant transactions (excluding profit ratios) will be less than 1% on an annual basis, this constitutes a continuing connected transaction that is fully exempt.Directors (including independent non-executive directors) believe that the transactions with Tainwala Group are conducted on normal commercial terms, established during the company's general and daily business processes, and the terms are fair and reasonable, in line with the overall interests of the company and the shareholders. No director has a significant interest in the transaction; therefore, no one has abstained from voting on the board resolution regarding the revised annual cap.