Exhibit 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2020:
Name of the entity | Country | Main activity | Stake at 06.30.2020 |
IRSA's direct interest: | |||
IRSA CP (1) | Argentina | Real estate | 80.65% |
E-Commerce Latina S.A. | Argentina | Investment | 100.00% |
Efanur S.A. | Uruguay | Investment | 100.00% |
Hoteles Argentinos S.A.U. | Argentina | Hotel | 100.00% |
Inversora Bolivar S.A. | Argentina | Investment | 100.00% |
Llao Llao Resorts S.A. (2) | Argentina | Hotel | 50.00% |
Nuevas Fronteras S.A. | Argentina | Hotel | 76.34% |
Palermo Invest S.A. | Argentina | Investment | 100.00% |
Ritelco S.A. | Uruguay | Investment | 100.00% |
Tyrus S.A. | Uruguay | Investment | 100.00% |
U.T. IRSA and Galerias Pacifico (2) | Argentina | Investment | 50.00% |
IRSA CP's direct interest: | |||
Arcos del Gourmet S.A. | Argentina | Real estate | 90.00% |
Emprendimiento Recoleta S.A. | Argentina | Real estate | 53.68% |
Fibesa S.A. (3) | Argentina | Real estate | 100.00% |
Panamerican Mall S.A. | Argentina | Real estate | 80.00% |
Shopping Neuquén S.A. | Argentina | Real estate | 99.95% |
Torodur S.A. | Uruguay | Investment | 100.00% |
EHSA | Argentina | Investment | 70.00% |
Centro de Entretenimiento La Plata | Argentina | Real estate | 100.00% |
Pareto S.A. | Argentina | Design and software development | 69.69% |
Tyrus S.A.'s direct interest: | |||
DFL and DN BV | Bermudas | Investment | 97.04% |
IRSA International LLC | USAs | Investment | 100.00% |
Jiwin S.A. | Uruguay | Investment | 100.00% |
Liveck S.A. | Uruguay | Investment | 100.00% |
Real Estate Strategies LLC | USA | Investment | 100.00% |
Efanur S.A.'s direct interest: | |||
Real Estate Investment Group VII LP (REIG VII) | Bermudas | Investment | 100.00% |
DFL's and DN BV’s direct interest: | |||
IDB Development Corporation Ltd. | Israel | Investment | 100.00% |
Dolphin IL Investment Ltd. | Israel | Investment | 100.00% |
DIL's direct interest: | |||
Discount Investment Corporation Ltd. (4) | Israel | Investment | 83.72% |
IDBD's direct interest: | |||
IDB Tourism (2009) Ltd. | Israel | Tourism services | 100.00% |
IDB Group Investment Inc. | Israel | Investment | 100.00% |
DIC's direct interest: | |||
Property & Building Corporation Ltd. | Israel | Investment | 72.40% |
Cellcom Israel Ltd. (5) | Israel | Investment | 46.20% |
Elron Electronic Industries Ltd. | Israel | Investment | 61.06% |
Bartan Holdings and Investments Ltd. | Israel | Investment | 55.68% |
Epsilon Investment House Ltd. | Israel | Investment | 68.75% |
Mehadrin Ltd (8) | Israel | Agricultural | 43.75% |
PBC's direct interest: | |||
Ispro The Israeli Properties Rental Corporation Ltd. | Israel | Real estate | 100.00% |
Matam - Scientific Industries Center Haifa Ltd. | Israel | Real estate | 50.10% |
Hadarim Properties Ltd | Israel | Real estate | 100.00% |
Property & Building (Commercial Centers) Ltd. | Israel | Real estate | 100.00% |
PBC USA Investments Inc | USA | Real estate | 100.00% |
(1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A..
(2)
The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process.
(3) Includes interest held through Ritelco S.A. and Torodur S.A.
(4) Includes Tyrus' equity interest.
(5)
DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (48.5%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized.
(6)
Control was lost in September 2019. See Note 4.C.
(7)
Includes Tyrus’ and IRSA S.A.’s equity interests.
(8)
DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized.
Except for the aforementioned items the percentage of votes does not differ from the stake.