Press release from the Competition Council regarding the economic concentration project concerning the exclusive takeover by the companies “Sandvik Australia Holdings Proprietary Limited” and “Sandvik Proprietary Limited” of the companies “ThoroughTec Simulation Proprietary Limited” and “Thoroughbred Capital Proprietary Limited”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirers: the companies “Sandvik Australia Holdings Proprietary Limited” and “Sandvik Proprietary Limited”;
• The Targets: the companies “Thoroughbred Capital Proprietary Limited” and “ThoroughTec Simulation Proprietary Limited”.

Nature of the operation:

• Takeover

Economic sectors concerned:

• Provision of mining simulators and related support services;
• Provision of mining equipment (drilling, loading, and transportation).

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., May 18, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project consisting of the exclusive takeover by the companies “Sandvik Australia Holdings Proprietary Limited” and “Sandvik Proprietary Limited” of the companies “Thoroughbred Capital Proprietary Limited” and “ThoroughTec Simulation Proprietary Limited”, through the acquisition of 100% of their capital and voting rights.

“Sandvik Proprietary Limited” is a private company incorporated under the laws of the Republic of South Africa, and “Sandvik Australia Holdings Proprietary Limited” is a limited liability company incorporated under Australian law. These two entities are part of the Sandvik group. Sandvik is a global high-technology engineering group with expertise in material technology and in-depth knowledge of industrial processes.

“ThoroughTec Simulation Proprietary Limited”, headquartered in South Africa, designs and manufactures high-fidelity interactive simulation systems, as well as associated technologies and software, and provides corresponding support services. “Thoroughbred Capital Proprietary Limited” acts as the holding company for ThoroughTec group’s international subsidiaries.

 

Done in Rabat, on May 7, 2026.