Notes to the Consolidated And Separate Annual Financial Statements | Note 29

29. RELATED PARTY TRANSACTIONS
29.1 Directors
 

Details relating to directors’ emoluments are disclosed in Note 21. There are no loans to directors.

The directors’ shareholdings are disclosed on Directors’ report of 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 (Non-executive Director until 1 February 2024) holds 50% of WAD Holdings Proprietary Limited.

WAD Holdings Proprietary Limited is the 100% shareholder of Northern Lights Trading 172 Proprietary Limited.

MJ Madungandaba (70%) and Dr ATM Mokgokong (30%) control Namane Financial Services Proprietary Limited.

MJ Madungandaba (42%) and Dr ATM Mokgokong (30%) control Mesure Facilities Management Proprietary Limited.

MJ Madungandaba (8.29%) and Dr ATM Mokgokong (3.55%) have an interest in Jasco Electronics Holdings Limited.

ND Munisi is a director of Jasco Electronics.
29.2 Transactions with related parties
 

During the period the Group entered into the following related party transactions:

DIRECTORS

      Group
PAID BY COMPANY RECEIVED NATURE OF TRANSACTION June 2024
R’000		 June 2023
R’000
Directors Schemes administered by Medscheme Holdings Proprietary Limited Medical aid contributions – 363
AfroCentric Health (RF) Proprietary Limited Mesure Facilities Management Proprietary Limited Facilities management fees – salaries 17 757 16 215
AfroCentric Health (RF) Proprietary Limited Mesure Facilities Management Proprietary Limited Facilities management fees – cleaning and security 22 241 20 047
AfroCentric Health (RF) Proprietary Limited Mesure Facilities Management Proprietary Limited Facilities management fees – refurbishments, projects and capex 980 17 734
AfroCentric Health (RF) Proprietary Limited Mesure Facilities Management Proprietary Limited Facilities management fees – utilities 780 28 895
AfroCentric Health (RF) Proprietary Limited Mesure Facilities Management Proprietary Limited Facilities management fees – other 1 327 1 945
AfroCentric Technologies Proprietary Limited Jasco Electronics Holdings Limited IT services – 1 124
AfroCentric Health (RF) Proprietary Limited Namane Financial Services Proprietary Limited Event management fees – 169
Activo Health Proprietary Limited Northern Lights Trading 172 Proprietary Limited Rental costs 806 1 159
AfroCentric Distribution Services Proprietary Limited Northern Lights Trading 172 Proprietary Limited Rental costs 1 995 3 474
Pharmacy Direct Proprietary Limited Northern Lights Trading 172 Proprietary Limited Rental costs – 751
AfroCentric Employee Health Solutions Proprietary Limited Northern Lights Trading 172 Proprietary Limited Rental costs – 106
AfroCentric Health (RF) Proprietary Limited AfroCentric Health (RF) WAD Holdings Proprietary Limited AfroCentric Distribution Services Proprietary Limited minority interest buy-out. – 82 914
Proprietary Limited ND Munisi Consulting fees 400 –

RELATED ENTITIES WITH THE HOLDING COMPANY SANLAM GROUP

      Group
COMPANY PAID COMPANY RECEIVED NATURE OF TRANSACTION June 2024
R’000		 June 2023
R’000
AfroCentric Financial Services Proprietary Limited Miway Insurance Limited Other Income 217 –
AfroCentric Financial Services Proprietary Limited Santam Limited Other Income 73 –
AfroCentric Financial Services Proprietary Limited Sanlam Life Insurance Limited (t/a Sanlam Indie) Other Income 369 –
AfroCentric Health (RF) Proprietary Limited Sanlam Healthcare Consultants Hotels & meals and locals 4 –
AfroCentric Health (RF) Proprietary Limited Sanlam Healthcare Consultants Marketing Costs 6 –
AfroCentric Health (RF) Proprietary Limited Sanlam Healthcare Consultants Conference 11 –
AfroCentric Health (RF) Proprietary Limited Sanlam Healthcare Distribution Services Proprietary Limited Other income 36 –
AfroCentric Health (RF) Proprietary Limited Centriq Insurance Company Limited Revenue Sanlam GAP outsourced fees 3 265 –
AfroCentric Workcare Proprietary Limited Miway Insurance Limited Wellness revenue – Sanlam 10 –
AfroCentric Workcare Proprietary Limited Miway Insurance Limited Wellness revenue – Miway 525 –
AfroCentric Workcare Proprietary Limited Sanlam Developing Markets Wellness revenue – Sanlam 1 386 –
AfroCentric Workcare Proprietary Limited Sanlam Investment Management
A Division of Sanlam Life Insurance Limited		 Wellness revenue – Sanlam 11 –
AfroCentric Workcare Proprietary Limited Sanlam Life Insurance Limited Wellness revenue – Sanlam 5 716 –
AfroCentric Workcare Proprietary Limited Sanlam Life Insurance Limited Revenue executive wellness 85 –
AfroCentric Workcare Proprietary Limited Santam Limited Wellness revenue – Sanlam 123 –
AfroCentric Workcare Proprietary Limited Sanlam Indie, a division of Sanlam Life Insurance Limited Wellness revenue – Sanlam 9 –
AfroCentric Employee Health Solutions Proprietary Limited Sanlam Health Solutions OCC health revenue 441 –
Tendahealth Proprietary Limited Miway Insurance Limited Commission received 50 –
Tendahealth Proprietary Limited Sanlam Life Insurance Limited (Sanlam Indie) Commission received 29 –
Tendahealth Proprietary Limited Santam Limited Commission received 83 –
Tendahealth Proprietary Limited Santam Limited Other income 9 –
Tendahealth Proprietary Limited Sanlam Healthcare Consultants Commission received 494 –
      Group
COMPANY PAID COMPANY RECEIVED NATURE OF TRANSACTION June 2024
R’000		 June 2023
R’000
         
AfroCentric Wellness Proprietary Limited Sanlam Primary Health Insurance Medical scheme claims income 47 –
Wellworx Proprietary Limited Sanlam Primary Health Insurance Commission received 25 –
Medscheme Holdings Proprietary Limited Sanlam Health Solutions Proprietary Limited Pension fund contributions 129 223 –
Dental Information Systems Proprietary Limited Sanlam Health Solutions Proprietary Limited Pension fund contributions 1 960 –
AfroCentric Distribution Service Proprietary Limited Sanlam Health Solutions Proprietary Limited Pension fund contributions 3 293 –
AfroCentric Health (RF) Proprietary Limited Sanlam Health Solutions Proprietary Limited Pension fund contributions 15 199 –
AfroCentric Technologies Proprietary Limited Sanlam Health Solutions Proprietary Limited Pension fund contributions 13 896 –
Activo Health Proprietary Limited RQ Investment Proprietary Limited Building rental 604 –
Activo Health Proprietary Limited RQ Investment Proprietary Limited Electricity & water 138 –
AfroCentric Distribution Services Proprietary Limited RQ Investment Proprietary Limited Building rental 1 839 –
AfroCentric Distribution Services Proprietary Limited RQ Investment Proprietary Limited Electricity & water 125 –
AfroCentric Health (RF) Proprietary Limited Sanlam Life Insurance Limited Marketing costs 21 –
AfroCentric Health (RF) Proprietary Limited Sanlam Life Insurance Limited Subscriptions 16 –
AfroCentric Health (RF) Proprietary Limited Sanlam Life Insurance Limited Conferences 50 –
AfroCentric Health (RF) Proprietary Limited Sanlam Life Insurance Limited Event management 42 –
AfroCentric Health (RF) Proprietary Limited Sanlam Life Insurance Limited Software licenses 821 –
AfroCentric Investment Corporation Limited Sanlam Life Insurance Limited Directors fees 563 –
Medscheme Holdings Proprietary Limited Sanlam Life Insurance Limited Staff training 134 –
Medscheme Holdings Proprietary Limited Sanlam Life Insurance Limited Building rental 378 –

TRANSACTIONS WITH ENTITIES IN THE GROUP

   Company 
   June 2024 
R’000 		 June 2023 
R’000 
BALANCES       
AfroCentric Health (RF) Proprietary Limited loan account  (78 700) (41 893)
INTEREST CHARGED       
Interest paid to AfroCentric Health (RF) Proprietary Limited  (6 064) (2 113)
DIVIDENDS RECEIVED       
Dividends received from ACT Healthcare Assets Proprietary Limited  92 500  107 078 
29.3 Key management personnel compensation
 
  Company
  June
2024
R’000		 June
2023
R’000
Short-term employee benefits 20 264 20 549
Share-based payments 1 177 2 132

 

Key management personnel comprise Executive Directors within the AfroCentric Health (RF) Proprietary Limited Group.
29.4 Intergroup guarantees
 

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

  • Medscheme Holdings Proprietary Limited
  • AfroCentric Technologies Proprietary Limited
  • Curasana Wholesaler Proprietary Limited
  • Glen Eden Trading 58 Proprietary Limited
  • Pharmacy Direct Proprietary Limited
  • ACT Healthcare Assets Proprietary Limited
  • Activo Health Proprietary Limited
  • AfroCentric Health (RF) Proprietary Limited
  • Dental Information Systems Proprietary Limited
  • AfroCentric Health Management Services Proprietary Limited