Varun Beverages Subsidiaries Bevco and Twizza Merger

Date: July 2, 2026

Board Meeting Outcomes

The merger is subject to compliance with applicable laws in South Africa and was received by Varun Beverages Limited on July 2, 2026 at 02:46 PM IST.

Merger Details

Transferor Company: Twizza Proprietary Limited (Twizza)

• Turnover for Financial Year ended June 30, 2025: ZAR 1,695 Million
• Business: Manufacturing and distribution of own branded non-alcoholic beverages in South Africa

Transferee Company: The Beverage Company Proprietary Limited (Bevco)

• Consolidated turnover for Financial Year ended June 30, 2025: ZAR 4,818 Million
• Business: Manufacturing and distribution of licensed (PepsiCo Inc.) and own-branded beverages

Transaction Structure:

• The merger constitutes a related party transaction as Twizza is a step-down subsidiary and Bevco is a subsidiary
• The transaction will be conducted at arm's length
• No cash consideration or share exchange ratio involved as Twizza is a wholly-owned subsidiary of Bevco
• The entire share capital of Twizza will stand cancelled upon the merger becoming effective

Rationale: To enable synergies of business operations and optimization of operational cost.

Impact on Varun Beverages: No change in shareholding pattern of the listed entity since the merger is between two foreign subsidiaries of the Company.

Not Specified Sections

No material disclosures under the following sections: KMP/Board/Auditor Changes, Dividend Declaration, Financial Results, Auditor's Report, Media Release/Investor Communication, Other Operational/Legal/Strategic Disclosures.