Transaction Overview - Aspen is selling 100% of its equity interests and intellectual property assets in Australia, New Zealand, and other Asia Pacific regions (excluding China) [35] - The gross unadjusted consideration is AUD 2.37 billion (ZAR 26.477 billion) [16, 42] - The transaction represents an EV/Normalised EBITDA (FY 2025) multiple of approximately 11x [16, 42] - Transaction and other costs are expected to be less than 5% of the net proceeds [17] Financial Performance (FY 2025) - APAC revenue was R7.792 billion, representing 18% of the Group's total revenue of R43.3 billion [12] - APAC EBITDA was R2.445 billion, representing 26% of the Group's total EBITDA of R9.324 billion [14] Strategic Rationale - The divestment aligns with the Group's strategy to unlock the underlying sum-of-the-parts value [39] - The transaction will improve balance sheet flexibility for future capital allocation [20, 39] - The company will have a heightened focus on the Group's growth drivers, including Commercial Pharma and sterile FDF manufacturing [20, 39] Anticipated Timelines - Post circular to shareholders is expected on or before 20 March 2026 [24] - Shareholder vote is scheduled for on or before 22 April 2026 [24] - Transaction completion is expected by the end of May 2026 [24]