Notes to the Company Annual Financial Statements | Note 4

4. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

Accounting policy

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

The following table lists all of the associates and joint ventures of BLT:

Name of company      Number
of shares
issued
2025 		Number
of shares
issued
2024 		    %
ownership
interest
2025		 %
ownership
interest
2024		    Carrying  
amount  
2025  
R'000  		    Carrying  
amount  
2024  
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    —*    —*
Blue Label CommunicationsProprietary Limited#     11 389 100    20.25 20.00    148      —*
Blu Train Group Proprietary Limited     100 100    10.00 10.00    —*    —*
                        12 194      12 046  
* Less than R1 000.
# BLT’s shareholding increased to 20.25% in Blue Label Communications after additional shares were issued.

All entities listed above are incorporated in South Africa.