Page 253 - CJ 2019 INTEGRATED REPORT

251
NOTES TO THE FINANCIAL
36 RELATED PARTY TRANSACTIONS (CONTINUED)
(vi) Amounts due to:
(a) Associates (Note 28)
(b) Directors (Note 28)
(c) Other related parties (Note 28)
Entities significantly influenced by the Group Other related entities
(d) Shareholders (Note 28)
37 SUBSEQUENT EVENT
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
GROUP
2018
Rs’000
622 1
1
317
46 420 1
836 48 256
1
864
COMPANY 2018
Rs’000
- 1
1
317
670 1
1
018
1
688
1
655
2019 Rs’000
522
1
1
719
50 894
3 040
53 934
54
2019 Rs’000
- 1
1
719
170
309
479
- Currimjee Jeewanjee and and Company Limited Limited Limited and and Emtel Limited Limited Limited have signed a a a a a a a a a a a a a share share purchase agreement on on on 23 December 2019 for the acquisition acquisition of of of 202 202 500 shares of of of EmVision Limited Limited Limited representing 90% of of of its capital The acquisition acquisition was completed in March 2020 Emtel Limited contracted new bonds for Rs 1
1
15BN in in April 2020 with fixed interest rates In March 2020 the the the World Health Organisation (WHO) declared the the the Covid-19 as as a a a a a a a a a a a a a a a global pandemic Businesses worldwide except for essential services had to to cease or or or or limit operations over the the the the the the various lockdown periods in in in in in many countries The situation is is is constantly evolving and and the the the the measures put in in in in in in in in place to to contain the the the the spread of of the the the the virus including travel bans social distancing and and closures of of non-essential services have significantly disrupted business worldwide resulting in in in in in a a a a a a a global economic slowdown The Semdex fell by by 25% while the the major world stock market indices contracted by by an an average of 14% As a a a a a a a a a a a a result the the Group’s investments in in in local and foreign listed equities suffered a a a a a a a a fair value loss Additionally the the the the Life assurance business (LAB) in in conjunction with its Statutory Actuary QED recently priced and assessed the the the the the the profitability o of of a a a a a a a a a a a a a a a a a a a series o of of new products products based on on on on on on the the the the the the current economic environment as as as as as as well as as as as as as the the the the the the LAB’s most recent experience Regulatory approval for these these products products products products was obtained in in in in March 2020 and these these will now be sold in in in in replacement to to to to the the the the the existing products products products These new products products products are are expected to to to to contribute towards the the the the the LAB’s expense base and aid the the solvency ratio if volumes are achieved The Directors have have determined that these events events are non-adjusting subsequent events events Accordingly the the the financial position and and results of of operations as of of and and for the the the the year ended 31 December 2019 have have not been adjusted to to reflect their impact 38
PARENT PARENT AND ULTIMATE PARENT PARENT The directors regard Currimjee Limited Limited (previously known as as Fakhary Limited) a a a a a a a a a a a a a a company incorporated in in in Mauritius as the Company’s parent
and ultimate controlling party 39 INCORPORATION AND REGISTERED OFFICE
The The Company Company is is is is a a a a a a a a a a a a private limited company incorporated and and domiciled in in in Mauritius The The registered office and and place o of of business of the Company Company is is is at at at 38
Royal Street Port Louis INTEGRATED REPORT 2019