The principal associated undertakings of the group, as at 31 March, were as set out below. Where the group’s interest in an associated undertaking is held by a subsidiary undertaking which is not wholly-owned by the group, the subsidiary undertaking is indicated in a note below.

			Effective
			interest in
			ordinary
	Country of		share capital
Name	incorporation	Principal activity	2003	2002
African operations
Delta Corporation Ltd⁽¹⁾⁽²⁾	Zimbabwe	Brewing/CSDs	17%	16%
Kenya Breweries Ltd⁽²⁾⁽³⁾	Kenya	Brewing	12%	–
Société des Brasseries et
Glacières Internationales	France	Holding company	20%	20%
Brasseries Internationales Holding Ltd	Gibraltar	Holding company	20%	20%

Asian operations
China Resources Breweries Ltd, which holds
the following subsidiary undertakings:	British Virgin Islands	Holding company	49%	49%
China Resources (Anhui) Brewery Co Ltd⁽⁴⁾	China	Brewing	49%	49%
China Resources (Anshan) Brewery Co Ltd⁽⁴⁾	China	Brewing	44%	44%
China Resources (Blue Sword) Brewery Co Ltd⁽⁴⁾⁽⁵⁾	China	Brewing	30%	30%
China Resources (Chang Chun) Brewery Co Ltd⁽⁴⁾	China	Brewing	42%	42%
China Resources (Dalian Banchuidao)
Brewery Co Ltd⁽⁴⁾	China	Brewing	39%	39%
China Resources (Dalian) Brewery Co Ltd⁽⁴⁾	China	Brewing	49%	49%
China Resources (Heilongjiang) Brewery Co Ltd⁽⁴⁾	China	Brewing	34%	34%
China Resources (Jilin) Brewery Co Ltd⁽⁴⁾	China	Brewing	49%	44%
China Resources (Liaoyang) Brewery Co Ltd⁽⁴⁾	China	Brewing	29%	29%
China Resources (Shenyang) Snowflake Beer Co Ltd⁽⁴⁾	China	Brewing	49%	44%
China Resources (Tianjin) Brewery Co Ltd⁽⁴⁾	China	Brewing	45%	45%
China Resources (Wanghua) Brewery Co Ltd⁽⁴⁾	China	Brewing	39%	39%
China Resources Food and Beverage
(Chengdu) Co Ltd⁽⁴⁾	China	Bottled water	49%	49%
China Resources Food and Beverage
(Shenzhen) Co Ltd⁽⁴⁾	China	Bottled water	49%	49%
Shenyang Hwa-Jeng Winery Brewery Ltd⁽⁴⁾	China	Brewing	44%	44%
Shenzhen C'est Bon Food and Drink Co Ltd⁽⁴⁾	China	Bottled water	49%	49%
China Resources (Wuhan) Brewery Co Ltd⁽⁴⁾⁽⁶⁾	China	Brewing	29%	29%
China Resources (Panjin) Brewery Co Ltd⁽⁴⁾⁽⁷⁾	China	Brewing	34%	–
China Resources (Beijing Lido) Brewery Co Ltd⁽⁴⁾⁽⁷⁾	China	Brewing	49%	–

Other Beverage Interests
Coca-Cola Canners (Pty) Ltd⁽⁸⁾	South Africa	Canning of beverages	24%	24%
Distell Group Ltd⁽¹⁾⁽⁹⁾	South Africa	Wines and spirits	30%	30%

Hotels and Gaming
Tsogo Sun Holdings (Pty) Ltd (TSH)⁽¹⁰⁾	South Africa	Holding company	49%	–
Southern Sun Hotels (Pty) Ltd⁽¹⁰⁾	South Africa	Holding company	49%	–
Southern Sun Hotel Interests (Pty) Ltd^(10)(11)	South Africa	Hotels	49%	100%
Tsogo Sun Gaming (Pty) Ltd⁽¹⁰⁾	South Africa	Gaming	49%	–
Tsogo Sun Holdings (Pty) Ltd (Tsogo Sun)⁽¹⁰⁾	South Africa	Gaming	–	50%

Notes:
⁽¹⁾	Listed in country of incorporation.
⁽²⁾	Interests in these companies are held by SABMiller Africa BV which is held 62% by SABMiller Africa and Asia BV.
⁽³⁾	In December 2002 SABMiller Africa BV disposed of its subsidiary Castle Brewing Kenya Ltd in exchange for a 20% shareholding in Kenya Breweries Limited, a subsidiary of East African Breweries Ltd.
⁽⁴⁾	China Resources Breweries Limited, the group’s 49% owned associated undertaking, holds between 60% and 100% of these companies.
⁽⁵⁾	China Resources (Blue Sword) Brewery Co Ltd has 12 operating subsidiaries, including China Resources (Mianyang) Brewery Co Ltd.
⁽⁶⁾	Shareholding acquired in March 2002.
⁽⁷⁾	Shareholding acquired in January 2003.
⁽⁸⁾	Amalgamated Beverage Industries Ltd, the group’s 74% owned subsidiary undertaking, holds 32% of this company.
⁽⁹⁾	Distillers Corporation (SA) Ltd and Stellenbosch Farmer’s Winery Group Ltd merged in November 2000 and the name was changed to Distell Group Ltd in March 2001.
⁽¹⁰⁾	The nature of SABMiller plc’s interest in the Hotels and Gaming division has changed from subsidiary to associated undertaking (see note 29).
⁽¹¹⁾	Southern Sun Hotel Interests (Pty) Ltd was sold on 31 March 2003 to Tsogo Sun Holdings (Pty) Ltd as part of the partial disposal of the group’s interests in the Hotels and Gaming division.

The principal country in which each of the above associated undertakings operates is the same as the country in which each is incorporated. However, Société Des Brasseries et Glacières Internationales and Brasseries Internationales Holding Ltd’s (Castel group) principal subsidiaries are in Africa.