(b) Details of the associates Details of the associates at the reporting date are as follows: Proportion of direct ownership (%) Proportion of indirect ownership (%) Name of associates Principal activity Principal place of business Country of incorporation Sep-24 Sep-23 Sep-24 Sep-23 Year end Li & Fung (Mauritius) Ltd Buying agent Mauritius Mauritius 40.0 40.0 – – 31 December Dodwell (Mauritius) Ltd(ii) Buying agent Mauritius Hong Kong 40.0 40.0 – – 31 December Fundkiss Technologies Ltd (iii) Digital lending platform Mauritius Mauritius 30.5 29.6 – – 30 June (i) All of the above associates are accounted for using the equity method in the consolidated financial statements. (ii) Dodwell (Mauritius) Ltd is in process of voluntary liquidation. (iii) Acquisition of additional stake of 0.94% in Fundkiss Technologies Ltd during the year. The associate’s activities are strategic to CFSL activities as it is concentrated in the money lending sector. (iv) For the purposes of applying the equity method of accounting, the financial statements of Fundkiss Technologies Ltd for the year ended 30 September 2024 have been used. (v) For the purposes of applying the equity method of accounting, the financial statements of Li & Fung (Mauritius) Ltd and Dodwell (Mauritius) Ltd for the year ended 30 September 2024 have been used. (c) Summarised financial information in respect of the Group’s material associate Fundkiss Technologies Ltd 2024 MUR m Current assets 29.9 Non current assets 3.4 Current liabilities (3.9) Non current liabilities (27.3) Net assets 2.1 Ownership interest 30.51% Share of net assets 0.6 Goodwill on acquisition 14.4 Carrying value of associates 15.0 Revenue 18.2 Loss for the year (6.9) Other comprehensive income for the year – Total comprehensive loss for the year (6.9) Group's share of loss for the year (2.0) Group's share of total comprehensive income for the year – Explanatory Notes 30 September 2024 21. INVESTMENT IN ASSOCIATES continued 182
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