| RELATED PARTY TRANSACTIONS
Refer to note 10.1 of the group financial statements for the applicable accounting policy.
Various transactions were entered into by the company during the year with related parties.
The following is a summary of significant transactions with subsidiaries during the year and significant balances at the reporting date:
| |
2017
Rm |
|
2016
Rm |
|
| Dividends paid |
|
|
|
|
| – Mobile Telephone Networks Holdings Limited |
(70) |
|
(112) |
|
| – MTN Zakhele Futhi (RF) Limited |
(538) |
|
– |
|
| Dividends received |
|
|
|
|
| – Mobile Telephone Networks Holdings Limited |
12 500 |
|
20 200 |
|
| Management fees paid |
|
|
|
|
| – MTN Group Management Services Proprietary Limited |
(189) |
|
(148) |
|
| Management fees received |
|
|
|
|
| – MTN International Proprietary Limited |
208 |
|
163 |
|
| Professional fees paid |
|
|
|
|
| – MTN Group Management Services Proprietary Limited |
– |
|
(2) |
|
| Receivables |
|
|
|
|
| – Mobile Telephone Networks Holdings Limited |
93 |
|
111 |
|
| – MTN Group Management Services Proprietary Limited |
29 |
|
6 |
|
| – Mobile Telephone Networks Proprietary Limited |
7 |
|
3 |
|
| – MTN (Dubai) Limited1 |
* |
|
33 |
|
| – MTN International Proprietary Limited |
66 |
|
55 |
|
| – MTN Zakhele Futhi (RF) Limited2 |
– |
|
13 |
|
| – MTN (Mauritius) Investments Limited3 |
* |
|
2 |
|
| – MTN International (Mauritius) Limited |
* |
|
– |
|
| Payables |
|
|
|
|
| – MTN Group Management Services Proprietary Limited |
(68) |
|
(14) |
|
| – MTN (Dubai) Limited1 |
(31) |
|
(8) |
|
| – Mobile Telephone Networks Holdings Limited |
– |
|
(538) |
|
| Share dealings |
|
|
|
|
| – Main Street 1561 Proprietary Limited4 |
295 |
|
– |
|
| 1 |
The balances result from transactions whereby MTN Dubai Limited and the company extinguished liabilities on behalf of each other |
| 2 |
The balance arose from the MTN Zakhele Futhi transaction (note 8). |
| 3 |
The balance results from transactions whereby the company extinguished liabilities on behalf of MTN (Mauritius) Investments Limited. |
| 4 |
On 28 December 2017, 14 750 000 MTN Zakhele Futhi shares, acquired by the company in terms of the 2016 MTN Zakhele Futhi underwrite option (note 8), were sold for a total consideration of R295 million. The shares were purchased by Main Street 1561 Proprietary Limited, a wholly owned company of PF Nhleko, non-executive chairman of MTN Group. |
| * |
Amounts less than R1 million. |
Financial guarantee contracts
Details of financial guarantee contracts are disclosed in note 13 of the company financial statements.
Directors
Details of directors’ remuneration are disclosed in note 3 of the company financial statements and note 10.2 of the group financial statements.
Shareholders
The principal shareholders of the company are disclosed in annexure 1 which is unaudited. |
