Problem
Zeplin Ltd holds 80% of the shares carrying voting rights in Alphine (Pty) Ltd and 40% of the shares carrying voting rights in Brands (Pty) Ltd. Alphine (Pty) Ltd holds 60% of the shares carrying voting rights in Brands (Pty) Ltd. Explain in detail whether Brands (Pty) Ltd is a subsidiary of Zeplin Ltd.