Ann: Papyrus & EBFC Sign Share Sale & Purchase Agreemnent, page-2

I'm confused...

From the bold face note below from the ASX release ....
PPY owns 39.22% Therefore 100 % - 39.22% = 60.78% ..... Not 68.78 % as per note.

Just a typo I assume or have I missed something?


ASX RELEASE
29 January 2024
PAPYRUS & EBFC SIGN SHARE SALE & PURCHASE AGREEMENT
Papyrus Australia Limited (ASX: PPY) is pleased to announce that it has signed a Share Sale and
Purchase Agreement (“Agreement”) with Egypt Banaba Fibre Company (“EBFC”) for the
acquisition by PPY of EBFC’s non-PPY owned interest in Papyrus Egypt LLC (“PPYEg”) the joint
venture company established to further develop PPY’s banana fibre technology that has led to
the production of moulded fibre products and ongoing R&D activities at the Sohag Factory in
Egypt.

PPY currently owns 39.22% of EBFC through its wholly owned subsidiary PPY Manufacturing Pty
Ltd (“PPYM”) with the remaining 68.78% of EBFC held by non-PPY related entities.

The proposed transaction contemplated in the Agreement is for PPY to achieve 100%
ownership of PPYEg on a share swap basis as outlined below: