2019 
R’000 		   2018 
R’000 		  
19. Investments        
   Investments are measured as follows:           
   Amortised cost  135 207    –   
   Fair value through other comprehensive income  563 990    –   
   Fair value through profit or loss  2 245 235    –   
   Listed held-for-trade  –    1 337 689   
   Unlisted held-for-trade  –    1 049 559   
   Listed available-for-sale  –    376 072   
   Unlisted available-for-sale  –    39 585   
      2 944 432    2 802 905   
   Long-term portion of listed investments  1 500 828    1 713 761   
   Long-term portion of unlisted investments  232 123    1 089 144   
   Short-term portion of unlisted investments  1 211 481    –   
      2 944 432    2 802 905   
   Fair value hierarchy of investments           
   Investments and loans held at cost or amortised cost  135 207    31 542   
   Investments held at fair value as determined on inputs based on:  2 809 225    2 771 363   
      Unadjusted quoted prices in an active market for identical assets  1 498 093    1 714 376   
      Factors that are not based on observable market data  1 311 132    1 056 987   
               
      2 944 432    2 802 905   
   Analysis of investments at a fair value not determined by observable market data           
      Balance at the beginning of year  1 056 988    995 961   
      On acquisition of business  3 798    –   
      Purchases, loan advances or transfers from other categories  10 540    5 434   
      Fair value adjustment recognised through other comprehensive income  5    –   
      Fair value adjustment arising during the year recognised in the income statement  248 830    56 559   
      Proceeds on disposal, repayment of loans or transfers to other categories  (12 906)   –   
      Profit (loss) on disposal of investments  2 085    –   
      Exchange rate adjustments  1 792    (967)  
      1 311 132    1 056 987   
 

Investments measured at fair value through other comprehensive income includes an interest-bearing listed Government bond  (R186) which amounts to R341 million (2018: R331 million Government bond R186), with a coupon interest rate of 10.5%  (2018: 10.5%) which matures on 21 December 2027 (2018: 21 December 2027). This investment is held by Banking operations and may be realised prior to its maturity date.

In August 2018 the Group sold 1.3 million shares in Bid Corporation Limited (Bidcorp) for R406 million, the Group’s entire holding save for 389 thousand shares (R118 million) held by the Bidvest Education Trust. Bidcorp is a listed investment held for trading and classified as a financial asset at fair value through profit or loss, where the fair value is determined on inputs based on unadjusted quoted prices in an active market for identical assets (Level 1).

The Group’s effective beneficial interest in the Indian-based Mumbai International Airport Private Limited (MIAL) is an unlisted investment held for trading and classified as a financial asset at fair value through profit or loss, the fair value is not based on observable market data (Level 3). Based on the directors’ valuation of 30 June 2019 the carrying value of this investment is R1.2 billion (US$86 million) (2018: R988 million (US$72 million)). The valuation of MIAL is fair value less cost to sell and is based on a signed sale agreement, which is subject to suspensive and conditions precedent. The investment has been reclassified as a current asset and is expected to be sold within the next 12 months.

Bidvest Insurance and Bidvest Life hold portfolios of listed investments held for trading, which are measured and classified at fair value through profit or loss of R660 million (2018: R694 million) and unlisted investments held for trading, which are measured and classified at fair value through profit or loss of R92 million (2018: R55 million).

The valuations of all listed investments are considered Level 1 type valuations in accordance with IFRS 13 Fair Value Measurement.

MIAL is also a foreign-based asset and the ruling year-end exchange rate, US$1 = 14.09 (2018: US$1 = R13.72), is another factor that affects the carrying value. The valuation is considered a Level 3 type valuation in accordance with IFRS 13 Fair Value Measurement.

A register of investments is available for inspection by shareholders at the registered office of the Company.