During the year, all shares of AfrAsia Capital Management Ltd (“ACML”) held by AfrAsia Investments Limited (“AIL”) were acquired by AfrAsia Bank Limited (“ABL”) for a consideration of MUR 38,276,797.

The directors are of the opinion that the investment is not impaired at 30 June 2020. The directors are of the opinion that the investment in AIL is fully impaired at 30 June 2020 as the subsidiary has accumulated losses and a shareholder’s deficit.

The details of the direct and indirect subsidiaries are as follows:

The asset held for sale pertain to the propose distribution of the shares of ACML as dividend in specie subsequent to 30 June 2020. Refer to Note 39 - Events after reporting date for more information.