NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 32

32. Related party transactions
32.1 Directors
 

Details relating to directors’ emoluments are disclosed in Note 23. There are no loans to directors.

The directors’ shareholdings are disclosed in the Annual Financial Statements. Transactions by the directors with Group entities are listed below.

Relationships with directors in the Group

WAD Holdings Proprietary Limited – Mr WH Britz (Executive Director) holds 50% of WAD Holdings Proprietary Limited.

WAD Holdings Proprietary Limited is the 100% shareholder of Northern Lights Trading 172 Proprietary Limited.
32.2 Transactions with related parties
  During the period the Group entered into the following related party transactions:
    Group  
    June 2021 
R’000 		 June 2020 
R’000 
Directors       
Medical aid contributions paid by directors – to schemes administered by Medscheme Holdings Proprietary Limited  486  301 
Mr MJ Madungandaba (70%) and Dr ATM Mokgokong (30%) control Namane Financial Services– consulting and marketing fees paid to Namane Financial Services  14  156 
Mr MJ Madungandaba (42%) and Dr ATM Mokgokong (30%) control Mesure Facilities Management Proprietary Limited – management fees and other expenses paid to Mesure Facilities Management Proprietary Limited. The fees represent outsourced facilities management for the AfroCentric Group that represent the following categories:  62 784  67 996 
– Salaries  11 087  12 501 
– Cleaning and security  21 042  19 842 
– Refurbishments, projects and capex  5 787  6 635 
– Utilities  23 593  27 052 
– Other  1 275  1 966 
Mr MJ Madungandaba (41.91%) and Dr ATM Mokgokong (17.96%) collectively control Skynet South Africa Proprietary Limited – courier fees paid to Skynet South Africa  –  4 
Mr MJ Madungandaba (8.29%) and Dr ATM Mokgokong (3.55%) have an interest in Jasco Electronics Holdings Limited – IT service fees paid to Jasco Electronics Holdings Limited  2 464  21 810 
Mr MJ Madungandaba, Dr ATM Mokgokong and Dr ND Munisi are directors of Community Medical Proprietary Limited – purchases from Community Medical Proprietary Limited  –  1 619 
Activo Health Proprietary Limited – rental costs paid to Northern Lights Trading 172 Proprietary Limited  1 158  563 
AfroCentric Distribution Services Proprietary Limited – rental costs paid to Northern Lights Trading 172 Proprietary Limited  4 321  4 039 
Pharmacy Direct Proprietary Limited – rental costs paid to Northern Lights Trading 172 Proprietary Limited  1 926  1 884 
Fastpulse Employee Solutions Proprietary Limited – rental costs paid to Northern Lights Trading 172 Proprietary Limited  129  – 
        
Related entities       
Intercompany recovery costs       
Sanlam Limited – intercompany recovery expenses paid to AfroCentric Distribution Services Proprietary Limited  (12) – 
32.3 Transactions with entities in the group
     Company 
     June 2021 
R’000 		 June 2020 
R’000 
  Balances    
  AfroCentric Health Proprietary Limited loan account (14 327) (9 767)
  Interest charged    
  Interest paid to AfroCentric Health Proprietary Limited (1 035) (7)
  Interest received from AfroCentric Health Proprietary Limited –  6 049 
  Dividends received    
  Dividends received from ACT Healthcare Assets Proprietary Limited 199 795  56 012 
32.4 Key management personnel compensation    
  Short-term employee benefits 24 650  18 929 
  Share-based payments 9 824  5 014 
  Key management personnel comprise Executive Directors within the AfroCentric Health Proprietary Limited Group.
32.5 Intergroup guarantees
 

The following Group companies have provided cross guarantees to the AfroCentric Health Proprietary Limited bankers, for facilities offered to that Company:

  • Medscheme Holdings Proprietary Limited
  • Aids for AIDS Management Proprietary Limited
  • AfroCentric Technologies Proprietary Limited
  • Klinikka Proprietary Limited
 

 
   

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 32