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Also in March 2015 Sagarmatha Technologies acquired a 75% shareholding in Loot Online, an internet shopping site.
The purchase was funded mainly via R420-million rands worth of free advertising, which would have come mainly from Independent's print titles – not from Sagarmatha's resources.9
It is not clear from the pre-listing document how this gift to Sagarmatha was accounted for in Independent's books.
Loot Online actually brings in a bit of cash, earning R150-million in 2016, though at a R3-million operating loss.