Notes to the Company Annual Financial Statements | Note 3

3. INVESTMENTS IN SUBSIDIARIES

Investments in subsidiaries are carried at cost less any accumulated impairment losses. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes directly attributable costs of investments.

Subsidiaries are all entities over which BLT has control. BLT controls an entity when BLT is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

Name of company     % 
holding 
2025 		   % 
holding 
2024 		   Carrying 
amount 
2025 
R'000 		 Carrying 
amount 
2024 
R'000 
Blu Nova Proprietary Limited    100.00    100.00    — *  — * 
Blue Label AltBureau Proprietary Limited    100.00    100.00    — *  — * 
Blue Label Company Proprietary Limited    100.00    100.00    — *  — * 
Blue Label Distribution Proprietary Limited    100.00    100.00    194 000  194 000 
Blue Label One Proprietary Limited    100.00    100.00    40 000  40 000 
Blue Label Ventures Proprietary Limited    100.00    100.00    — *  — * 
Blue Moon Asset Company Proprietary Limited    100.00    100.00    — *  — * 
Budding Trade 1170 Proprietary Limited    100.00    100.00    6 000  6 000 
Datacel Direct Proprietary Limited    100.00    100.00    150 000  150 000 
Glocell Retail Solutions Proprietary Limited    100.00    100.00    — *  — * 
Gold Label Investments Proprietary Limited    100.00    100.00    — *  — * 
One World Telecoms Proprietary Limited    100.00    100.00    — *  — * 
Tech Nov8 Proprietary Limited#    66.7    —    — *    
The Prepaid Company Proprietary Limited    100.00    100.00    2 433 048  2 433 048 
TicketPros Proprietary Limited    100.00    100.00    14 700  14 700 
Transaction Junction Proprietary Limited    60.00    60.00    4 200  4 200 
Ventury Group Proprietary Limited    100.00    100.00    98 701  98 701 
WiConnect Proprietary Limited    100.00    100.00    5 000  5 000 
Accumulated impairment of WiConnect                   
Proprietary Limited              (5 000) (5 000)
               2 940 649  2 940 649 

All subsidiaries listed above are incorporated in South Africa.

* Less than R1 000.
# BLT acquired 66.7% on 21 June 2024.

The Prepaid Company Proprietary Limited (TPC)

As at 31 May 2025, there was no indicator of an impairment, and as such, the Company did not estimate the recoverable amount of the investment in TPC. There was no indicator identified in the prior year.

WiConnect Proprietary Limited

BLT's investment in WiConnect Proprietary Limited was fully impaired in FY20. At year-end, WiConnect was in the process of deregistration. The company was deregistered effectively on 30 June 2025.