72 INTEGRATED ANNUAL REPORT 2025 BAYFIBRE (PTY) LTD Mill, storage area & office on owned land in Richards Bay, two farms in northern KwaZulu-Natal & Mpumalanga SHIELD OVERALL MANUFACTURERS (PTY) LTD Investment holding NCT DURBAN WOOD CHIPS (PTY) LTD Mill on leased land within the Port of Durban FOREST RESOURCES (PTY) LTD One farm in northern KwaZulu-Natal SHINCEL (PTY) LTD Investment holding As both BayFibre (Pty) Ltd and Shield Overall Manufacturers (Pty) Ltd are wholly-owned subsidiaries in the group, no consolidated financial statements are prepared for these groups. 100% 100% 100% 100% 45% 55%
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