TPSEAL 2010 Financial Results. - Serena Hotels
TPSEAL 2010 Financial Results. - Serena Hotels
TPSEAL 2010 Financial Results. - Serena Hotels
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Notes to the <strong>Financial</strong> Statements (continued)<br />
21 INVESTMENT IN SUBSIDIARIES (AT COST)<br />
The Company’s interest in its subsidiaries (Tourism Promotion Services (Kenya) Limited – TPS(K), Tourism Promotion<br />
Services (Tanzania) Limited – TPS(T), Tourism Promotion Services (Zanzibar) Limited – TPS(Z), Tourism Promotion Services<br />
(Mangapwani) Limited – TPS(Mgp), Tourism Promotion Services (South Africa)(Pty) Limited – TPS(SA) and Tourism Promotion<br />
Services (Management) Limited – TPS(M)) none of which is listed on a stock exchange and all of which have the same year end<br />
as the company, were as follows:<br />
TPS(K) TPS(T) TPS(Z) TPS(Mgp) TPS(SA) TPS(M) Total<br />
Shs’000 Shs’000 Shs’000 Shs’000 Shs’000 Shs’000 Shs’000<br />
At 1 January 2009<br />
and <strong>2010</strong> 828,621 1,216,768 437,423 45,795 1 - 2,528,608<br />
Additional investment - 271,015 1 - - - - 271,015<br />
At 31 December <strong>2010</strong> 828,621 1,487,783 437,423 45,795 1 - 2,799,623<br />
Country of Incorporation Kenya Tanzania Tanzania Tanzania South Africa Kenya<br />
% interest held –<br />
2009 and <strong>2010</strong> 100% 100% 100% 100% 100% 75%<br />
1<br />
TPS(T) is an owner and operator of hotel and lodge facilities in Tanzania, serving the business and tourist markets. During the<br />
year, TPS Eastern Africa Limited invested in additional equity in TPS(T) and the funds were utilised to purchase two previously<br />
managed lodges, Mountain Village in Arusha and Mbuzi Mawe Tented Camp in Western Serengeti. The additional investment<br />
formed part of the purchase price for the two lodges while the balance of the funds were invested in TPS(T) as long term loans.<br />
In the opinion of the directors, there has been no impairment of any of the investments.<br />
TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2010</strong> 75