3. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

ACCOUNTING POLICY

Investments in associates and joint ventures are carried at cost less any accumulated impairment losses.

NAME OF COMPANY Number
of shares
issued
2026
Number
of shares
issued
2025
%
ownership
interest
2026
%
ownership
interest
2025
Carrying
amount
2026
R’000
Carrying
amount
2025
R’000
Utilities World Proprietary Limited 1 000 1 000 25.10 25.10 12 046 12 046
T3 Telecoms SA Proprietary Limited 50 50 50.00 50.00 –* –*
Blu Label Communications Proprietary Limited1 11 389 11 389 20.25 20.25 148 148
Blu Train Group Proprietary Limited 100 100 10.00 10.00 –* –*
12 194 12 194
* Less than R1 000.
1 During the year, this associate changed its name from “Blue …” to “Blu …”.

All entities listed above are incorporated in South Africa.