 There was no certainty that the bid was going to be successful and if not Government would start another tendering process to invite other bidders. 

Management further stated that it was uncertain that the sale would take place during the 12 months after the balance sheet date. Accordingly, the plant continued to be disclosed as “Property, Plant and Equipment” without being reclassified as “Assets held for sale”. 

Subsequent updates indicated that CNEEC’s offer was not successful and that the Public Procurement and Asset Disposal Board (PPADB) had subsequently approved a request from the Ministry of Mineral Resources, Green Technology and Energy Security to cancel the sale tender. The Board had approved the request for authority to cancel the tender for the divestment of Government of Botswana and BPC’s financial interest in Morupule B and there was no tendering process to invite other bidders. 

## 148. Botswana Privatisation Asset Holdings 

The financial statements of the Botswana Privatization Asset Holdings for the financial year ended 31 March 2018 were audited by Messrs KPMG, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

The financial statements presented fairly, in all material respects, the financial position of the Botswana Privatisation Asset Holdings as at 31 March 2018 and its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

In the year under review, the company recorded a profit of P8.71 million, compared to P15.02 million in the previous year, a decrease of 42%. The main contributor to the decline in performance was the reduction in grant income recognised from P4.1 million in the previous year to nil in the current year, fair value loss in financial assets of P244 000 compared to a gain of P1.20 million in the previous year. 

