NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 2.2

2. Group composition
2.2 Disposal of subsidiary
Date disposed
% disposed
30 October 2015 
100 
Velociti 
Proprietary 
Limited 
R’000 
 
Carrying/fair value of subsidiary disposed of 17 216    
Goodwill  3 169    
Carrying/fair value of net assets disposed of  20 385    
Loss on disposal of subsidiary  (3 885)   
Total proceeds on disposal received in cash  16 500    
Less: Cash and cash equivalents in subsidiary  (3 281)   
Cash inflow on disposal  13 219    

On 30 October 2015, Blue Label Telecoms Limited sold its 100% shareholding in Velociti Proprietary Limited to a third party for an amount of R16.5 million. The loss on disposal of R3.9 million has been recognised in the income statement.


NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 2.2