Proportion of direct ownership (%) Proportion of indirect ownership (%) Name of subsidiaries Principal activity Stated Capital (MUR 000s) Sep-24 Sep-23 Sep-24 Sep-23 Year end Non Controlling Interest (%) Cim Learning Centre Ltd Investment holding 1,000 100.0 100.0 – – 30 September – Key Financial Services Ltd Investment holding 300 – – 100.0 100.0 30 September – The Oceanic Trust Co. Ltd Corporate trustee 426 – – 100.0 100.0 30 September – Cim Investments Ltd Dormant – 100.0 100.0 – – 30 September – Cim CSR Fund Ltd Charitable institution – 100.0 100.0 – – 30 September – Loinette Capital Limited Asset based finance provider SME 422,511 75.0 75.0 – – 30 September 25.0 All the companies have only ordinary shares, except for Cim CSR Fund Ltd which has management shares. The Company has provided letters of support in favour of subsidiaries having financial difficulties. The above subsidiaries are incorporated in Mauritius except for Cim Credit Kenya Ltd and Cim Insurance Agency Ltd which are incorporated in Kenya. Excluding companies under liquidation and dormant companies. On 16 February 2024, Loinette Capital Limited changed its financial year end from 31 December to 30 September. 21. INVESTMENT IN ASSOCIATES (a) Movement in investment in associates GROUP COMPANY Sep-24 MUR m Sep-23 MUR m Sep-24 MUR m Sep-23 MUR m At 1 October 14.0 12.5 19.7 15.0 Addition (i) 3.0 4.7 3.0 4.7 Share of loss (2.0) (3.2) – – At 30 September 15.0 14.0 22.7 19.7 (i) The addition relates to the additional stakeholding in Fundkiss Technologies Ltd. In August 2024, CIM Financial Services Ltd acquired an additional 0.94% stake in Fundkiss Technologies Ltd increasing the shareholding to 30.51% in the digital lending platform. (ii) Impairment of investments The Group tested for impairment for its investment in associates. Impairment tests were done in accordance with IAS 36 - Impairment of Assets where a value in use approach has been used, with a pre-tax rate of 5.71% (2023: 5.01%). As a result of the assessments, the directors have recognised no impairment for the year ended 30 September 2024 (2023: Nil). 181 Introduction Group Overview Leadership Strategy & Performance Risk Management Corporate Governance Statutory Disclosures Financial
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