2012 TPSEA Annual Report - Serena Hotels
2012 TPSEA Annual Report - Serena Hotels
2012 TPSEA Annual Report - Serena Hotels
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Notes to the Financial Statements (continued)<br />
27 Non controlling interest<br />
2011 2010<br />
Shs ‘000 Shs ‘000<br />
At start of the year 97,213 -<br />
On investment by minority shareholder 52,522 111,882<br />
Share of loss for the year (52,880) (14,669)<br />
At end of year 96,855 97,213<br />
In 2010, Tourism Promotion Services (Tanzania) Limited, a 100% subsidiary of the TPS Eastern Africa Limited,<br />
invested in the purchase of 51% equity in Upekee Lodges Limited (ULL) while 49% was invested by Export Holdings<br />
Limited, a company that owned two lodges in the Selous Game Reserve in Southern Tanzania. The proceeds from<br />
both shareholders were used to purchase assets of the two lodges, now owned and managed under Upekee Lodges<br />
Limited. Upekee Lodges Limited is incorporated in Tanzania and has the same year end as the Company.<br />
28 Related party transactions<br />
The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerland. There are<br />
various other companies which are related to the group through common shareholdings, common directorships or<br />
through management contracts.<br />
The following transactions were carried out with related parties:<br />
Group<br />
i) Sale of goods and services to: 2011 2010<br />
Shs’000 Shs’000<br />
Mountain Lodges Limited 8,586 7,946<br />
Diamond Trust Bank Kenya Limited 5,596 5,490<br />
Farmer’s Choice Limited - 7<br />
Frigoken Limited 1,074 315<br />
The Jubilee Insurance Company Limited 5,296 4,127<br />
TPS (Uganda) Limited 28,280 23,421<br />
Tourism Promotion Services (Rwanda) Limited 26,904 22,861<br />
Hoteis Polana, S.A. 24,465 9,417<br />
Nation Media Group 4,236 5,232<br />
Industrial Promotion Services (Kenya) Limited 1,099 869<br />
Directors & key management 3,690 2,380<br />
ii)<br />
Purchase of goods and services from:<br />
Farmer’s Choice Limited 89,670 62,235<br />
The Aga Khan Hospital (Tanzania) Limited 602 -<br />
Premier Food industries Limited - 15<br />
The Jubilee Insurance Company Limited 6,993 4,025<br />
Diamond Trust Bank Tanzania Limited 5,407 -<br />
<strong>Serena</strong> Tourism Promotion Services, S.A. 189,455 147,123<br />
Nation Media Group 1,341 400<br />
80 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
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