Page 229 - Capricorn IAR 2020

2020 INTEGRATED ANNUAL REPORT
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
20. INVESTMENT IN ASSOCIATES
Set out below are the associates of the Group as at 30 June 2020. The associates as listed below have share capital consisting solely of ordinary shares, which are held directly by the Group.
Issued ordinary Number of share capital shares held and premium ’000 N$’000
1,230 8,307
30 160,665 8,615 28,711 48 2,757
Effective holding
Shares at cost
2020 %
2019 %
2019 N$’000
62,905
47,290 88,737
–
2020 N$’000
Associates of Capricorn Group
Santam Namibia Ltd
Sanlam Namibia Holdings (Pty) Ltd
Paratus Namibia Holdings Ltd Paratus Group Holdings Ltd
20.1 Santam Namibia Ltd
198,932
2019 N$’000
62,905
62,905 217,043
28.0
29.5
30.0
28.0
29.5 30.0 –
62,905
47,290
17.7
88,737
232,263
431,195
The company holds a 28% interest in Santam Namibia Ltd, a short-term insurance company.
Group
Company
2020 N$’000
29,250
2020 N$’000
62,905
62,905 20,270
62,905
45,688
29,474 (9,204)
(16,438)
(27,116)
70,648
(15,949) 66,327
135,687
190,441
133,553
217,043
62,905
190,441
2019 N$’000
Carrying value of investment in associate
Investment at cost
Share of current year’s retained income
– Profit before tax
– Current and deferred tax
Dividends paid
Post-acquisition retained income at the beginning of the year
Directors’ valuation
Technique used for directors’ valuation:
Santam Namibia Ltd is not listed on a stock exchange and therefore has no quoted market price available for its shares. The directors’ valuation was determined by using its price-to-book-value basis of valuation.
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