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A company which owns more than 50% of another company (its subsidiary). JSE listed companies are usually groups which own a number of subsidiaries and sub-subsidiaries. The Companies Act requires that the financial statements of subsidiaries be added into the parent company's financials in a process known as "consolidation" to give group financial statements. As part of the consolidation all inter-company loans and profits are eliminated. Sometimes a listed company will give both the parent company's financials and the group's financials - obviously, it is the group's shares which are listed on the JSE.