Blue Label Telecoms Integrated Annual Report 2015

NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS

CONTINUED

For the year ended 31 May 2015

209

BLUE LABEL INTEGRATED ANNUAL REPORT 2015

INVESTMENTS IN GROUP COMPANIES AND RELATED LOANS continued

6.1 Investments in and loans to subsidiaries continued

Shares at

cost

Loans

owing by

subsidiaries

R’000

Provision

for

impairment

R’000

2014

Activi Technology Services Proprietary Limited

—

Activi Deployment Services Proprietary Limited

5 060

—

Africa Prepaid Services Proprietary Limited

61 520

75 644

(137 164)

Africa Prepaid Services Nigeria Limited

14 000

17 510

(31 510)

Blue Label Distribution Proprietary Limited**

194 000

—

Blue Label Engage Proprietary Limited

2 735

—

Blue Label Investments Proprietary Limited

108 416

—

Blue Label One Proprietary Limited

40 000

—

BLT USA Inc.

307

—

Budding Trade Proprietary Limited**

6 000

—

Cellfind SA Proprietary Limited

290 000

— (141 841)

Cigicell Proprietary Limited

295

—

Datacel Direct Proprietary Limited

150 000

— (16 073)

Gold Label Investments Proprietary Limited

29 400

180 201

(175 075)

Kwikpay SA Proprietary Limited**

22 500

—

Matragon Proprietary Limited**

—

Panacea Mobile Proprietary Limited

27 479

—

Simigenix Proprietary Limited

—

The Post Paid Company Proprietary Limited**

—

The Prepaid Company Proprietary Limited**

2 150 214

—

TicketPros Proprietary Limited

14 700

—

Transaction Junction Proprietary Limited

4 200

—

Uninex Proprietary Limited

976

—

Velociti Proprietary Limited

7 185

—

Ventury Group Proprietary Limited**

98 406

—

Virtual Voucher Proprietary Limited**

44 784

—

3 271 201

274 331

(501 663)

* Less than R1 000.

** These investments have been pledged as security to Investec Bank Limited in terms of the facility. For details on

percentage held, country of incorporation and issued shares, refer to note 34 in the Group notes. Refer to notes 15

and 21 for details on impairments.

These loans bear interest at prime plus 2% and are repayable on demand. All other loans are interest free and are

repayable on demand.

On 1 April 2014 BLT USA Inc. distributed its loan to 2DFine Holdings Mauritius of R63 million to Blue Label Telecoms

Limited as a dividend in anticipation of deregistration. 2DFine Holdings Mauritius is a joint venture of Gold Label

Investments Proprietary Limited. This loan receivable is disclosed in note 7. The excess of R10 million represents

dividends received from BLT USA Inc. and is included in other income. Refer to note 15.