During FY 2020, all shares of EKADA Capital Ltd (formerly known AfrAsia Capital Management Ltd) held by AfrAsia Investments Limited (“AIL”) were acquired by AfrAsia Bank Limited (“ABL”) for a consideration of MUR 38.3m

In 2019, AfrAsia Investments Limited had acquired the shares of AfrAsia Special Opportunities Fund (“ASOF”) from its unit holders. The directors of AfrAsia Investments Limited were of the opinion that the investment was fully impaired in the financial statements as ASOF was under liquidation and write-off in the profit or loss amounted to MUR 57.2m.

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

The asset held for distribution pertain to the distribution of the shares in EKADA Capital Ltd (formerly known AfrAsia Capital Management Ltd) as dividend in specie amounting to MUR 38.3m. The shares was distributed on 25 January 2021 and EKADA Capital Ltd was deconsolidated as subsidiary on that date (Refer to Note 41).