Disposal of Subsidiaries
The group’s entire shareholding in the following subsidiaries were disposed of in the six months ended 30 November 2009
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Effective date |
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of disposal |
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% disposed |
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Blue Label USA LLC |
31 July 2009 |
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50,1 |
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Africa Prepaid Services (Mozambique) Limitada |
30 November 2009 |
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90 |
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Details of the total net assets disposed and the resulting profit on |
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disposal are as follows: |
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Total |
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R’000’s |
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Total proceeds |
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66 241 |
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Fair value of net assets disposed of |
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36 472 |
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Profit on disposal |
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29 769 |
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The assets and liabilities disposed of are as follows: |
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Fair value at |
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disposal date |
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000’s |
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Cash and cash equivalents |
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46 209 |
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Property, plant and equipment |
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2 132 |
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Intangible assets |
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13 629 |
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Inventories |
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3 634 |
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Financial assets at amortised cost |
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1 738 |
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Receivables |
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68 859 |
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Deferred tax |
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49 |
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Borrowings |
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(22 775) |
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Current tax liabilities |
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(495) |
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Payables |
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(88 182) |
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Fair value of subsidiaries disposed of |
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24 798 |
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Minorities interest |
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11 571 |
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Transaction with minority reserve |
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103 |
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Fair value of net assets disposed of |
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36 472 |
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Proceeds on disposal of subsidiaries |
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66 241 |
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Still to be settled |
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(25 671) |
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Cash and cash equivalents in subsidiaries disposed of |
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(46 209) |
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Cash out flow on disposal |
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(5 639) |
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