As at 31 March 2017, the Group held an 24.06% (2016: 23.78%) equity accounted interest in Helios Towers Tanzania Limited (Helios), an independent telecommunications tower operator. This holding was acquired as part of a sale and leaseback transaction of Vodacom Tanzania Limited’s telecommunications towers to HTT Infraco Limited (HTT), a subsidiary of Helios.

During the prior year, the Board approved a plan to exit its investment in Helios through a sale of shares which was expected to be completed within the current financial year. Due to circumstances beyond the Group’s control, the sale has been delayed beyond the initial expected closing period. The Board as well as the purchaser, HTA Holdings Limited (HTA) remain committed to the transaction and are currently in the process of obtaining the necessary regulatory approvals in order to affect the sale. It is highly probable that the sale will be completed in the next financial year, and the investment therefore continues to be classified as a non-current asset held for sale. During the current year, US$30 million of the associated shareholder’s loan, comprising the nominal value of US$22 million and accrued interest thereon, has been purchased by HTA.

The Group has not recognised any impairment losses in respect of its investment, since the proceeds are expected to exceed the carrying value of the investment. The investment, which was equity accounted, was classified as a non-current asset held for sale during the prior year and is presented in the International reportable segment (Note 1).