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7DealMakers AFRICA Q2 2016FEATURE: MAURITIUS
OverviewSince independence in 1968, Mauritius has developed from alow-income, agriculture-based economy to a middle-incomediversified economy, attracting substantial investment fromboth local and foreign investors.
Mauritius is divided into nine districts. These districts arecalled Grand Port, Savanne, Moka, Plaines Wilhems,Pamplemousses, Black River, Port Louis, Flacq and Riviere duRempart. Other islands that belong to Mauritius are Rodriguesand Agalega.
The small island economy benefits greatly from a sound andtransparent legal framework that institutionalises and supportsthe rule of law. A stable business climate, with inflationarypressures under control, provides a fertile ground for dynamicentrepreneurial activity, with regulations in place that supportopen-market policies.
PoliticalMauritius is a stable, multiparty parliamentary democracy, andchanging coalitions are a feature of politics in the country. Thepresident of the Republic is the head of state and is a non-executive official. The prime minister has full executive powersand heads the government which is elected every five years.
Economy The economy is based on tourism, textiles, sugar andfinancial services. In recent years, information andcommunication technology, seafood, hospitality and propertydevelopment, healthcare, renewable energy, and educationand training have emerged as important sectors, thoughservices and tourism remain the main economic drivers.
According to the World Bank, despite external headwinds,especially sluggish growth in the Euro zone on whichMauritius is highly dependent for tourism, trade and foreigndirect investment (FDI), the economy grew by 3,5% in 2015,similar to the 3,4% pace in 2014. The current account deficitnarrowed from 8,8% of gross domestic product (GDP) in 2014to 7% of GDP in 2015, driven by a smaller trade deficit and
lower net income outflows. The bulk of the current accountdeficit is structural, reflecting weaker private saving andreliance on capital goods imports, compounded by the slowrecent growth of Mauritius’ main trading partners.
Monetary policy is cautiously accommodative, consistent withmacro stability, but with the Bank of Mauritius also attemptingto support stronger growth and a closing of the output gap.The benchmark rate was reduced by 40 basis points in July,the Central Bank citing Brexitas having damaged its growthoutlook for the economy.Annual inflation in Mauritiuseased to 1% in July afterreaching a 6-month high of1,1% in June.
Prime Minister, Sir AneroodJugnauth, recently stressedthat Mauritius would continuewith the diversification of itsexports and export markets tomove from being a Euro-centric exporter to a morediversified export and tourism-based economy.
Fiscal policy has recentlybeen more expansionary thanplanned but the overall deficitand public debt remainmanageable, with deficits in2014 and 2015 at 0,4% and1,6% of GDP.
Mauritius’s main challengesinclude: increasingcompetitiveness throughgreater regional integration,creating a strongerenvironment for innovation,
Land Area: 2040 km² and 330 km ofcoastline. The island is situated in theIndian Ocean, approximately 1,491miles off the southeast coast of Africa,and lies to the east of Madagascar
Population: 1.3 million
Climate: Tropical
Capital: Port Louis
Time: Four hours ahead of GMT
Languages: Although the officiallanguage of Mauritius is English, mostpeople speak French and Creole
Religion: approx. Hinduism (52%),Christianity (31%), Islam (17%)
Currency: Mauritian Rupee denotedby the ISO 4217 code MUR, oneRupee = 100 cents
Politics: Gained independence fromthe rule of the United Kingdom onMarch 12, 1968. On the same date in1992, it was declared a Republic.
Legal System: Laws governing theMauritian penal system are derivedpartly from French civil law and Britishcommon law
Stock Exchange: The SEM wasincorporated on March 30, 1989 andoperates two markets: the OfficialMarket and the Development &Enterprise Market. Currently, there are51 companies listed
Q U I C K F A C T S
DealMakers AfricaMARYLOU GREIG
FEATURE: MAURITIUS
FEATURE: MAURITIUS
making growth more inclusive by addressing a scarcity ofskilled human resources, and bolstering resilience to naturaldisasters and climate change.
OutlookMauritius, according to the World Bank, needs to acceleratereforms aimed at diversifying the economy, both in terms ofdeepening value chains in, and reorienting exports towardemerging markets. The acceleration of fiscal consolidation isessential to achieving substantial efficiency gains in the
budget and ensuring effective expenditure in priority areassuch as the social safety net system, in order to cope with theimpacts of a potential economic downturn.
In a recent report, The Economist’s Intelligence Unit forecastthat economic growth in 2016-17 will be affected by risinguncertainty in global financial markets following UK's vote toleave the EU. With growth slowing in China and the USexpected to experience a recession in 2019, the GDP growthrate will stay below 4% in 2016-20.
8 DealMakers AFRICA Q2 2016 FEATURE: MAURITIUS
Mauritius is a country with a story to tell. With a 2016 ranking of1st in Africa and 32nd in the World for “Ease of DoingBusiness” by the World Bank, there is undoubtedly asignificant amount of progress that has been made inpositioning the country as an International Financial Centre(“IFC”) of repute and a gateway to African business.
Mauritius is a member of the Southern African DevelopmentCommunity (“SADC”), the Common Market for Eastern andSouthern Africa (“COMESA”) and the Indian OceanCommission (“IOC”). Mauritius has also been recognised onthe Organisation for Economic Cooperation and Development’s(“OECD”) white list of cooperative jurisdictions, a testament tohigh standards of corporate governance on the island.
It offers a business-friendly environment that includes noexchange control, low overall taxation, a considerable suite ofdouble tax treaties and investment promotion and protectionagreements, political stability, a well-developed legal systemand a significant number of professional advisors. Ease oftravel for Board meetings, a manageable time zone differenceto most African countries and growing connectivityinfrastructure makes Mauritius a practical and safe businessdestination.
“Mauritius as an International Financial Centre has throughout
the years created a well-balanced regulatory environment for
investors to operate from. Our commitment to governance and
transparency,
combined with a
proven equity and debt
capital market, does
make us the centre of
choice for investments
in and out of Africa” -
Deva Marianen,
Chairman of Safyr
Utilis.
The Stock Exchange ofMauritius (“SEM”) has
contributed to and benefited from this growth story. Marketcapitalisation as a percentage of Mauritian GDP has grownfrom c.4.3% in 1989 to c.60% in 2016. The SEM is a well-regulated exchange and enjoys accreditation with variousinternational bodies, most notably the World Federation ofExchanges (“WFE”). The SEM is the only exchange in Africa tooffer a multi-currency listing, trading and settlement platform(USD, EUR, GBP, ZAR and MUR) and is a designated StockExchange by the United Kingdom’s Her Majesty’s Revenueand Customs (“HMRC”).
Created in 1989, the SEM has grown from 6 listings to c.150listings in 2016 and operates two distinct boards, including theOfficial Market where some of the largest companies inMauritius as well as global companies are listed. The
The Mauritius Story
Peche
ROBERT PECHE
Development and Enterprise Market, on the other hand, offersopportunities for start-ups and other companies looking for aviable alternative platform to raise capital and pursue theirdevelopment objectives.
Whilst a listing on the Official Market requires a minimummarket capitalisation of MUR 20m (c.$600 000), certain otherListing Rules (e.g. shareholder spread) may be waived at thediscretion of the SEM’s Listing Executive Committee e.g. in thecase where a new investment holding company with a globalbusiness company license (“GBC 1”) issued by the FSC isseeking a listing. This creates a welcoming and flexible listingenvironment for companies seeking a growth platform.
A GBC 1 company listing under Chapter 18 of the SEM ListingRules does, however, require a detailed business plan with atleast 3 years of financial forecasts, demonstrating the viabilityof the business. The plan is required to be certified by anIndependent Financial Advisor accredited with the SEM.
Value creation by companies listed on the SEM is evidencedby a number of listed companies achieving annualised totalUSD returns of over 12% over an extended period of morethan 20 years.
Although there is a limited pool of domestic capital inMauritius, the presence of global investors and the suitabilityof the SEM for a primary listing assists in mitigating the impacton capital raising activities. A secondary listing within theCommon Monetary Area (“CMA”), known as an Inward Listingfor CMA Exchange Control purposes, enables the company tobenefit from the substantial capital pool found primarily inSouth Africa, providing investors within the CMA with anattractive Rand hedge and global exposure. A number of
SEM-listed investment holding companies and propertycompanies have successfully tapped into the deep pool ofcapital in the CMA, with Inward Listed GBC 1 companieshaving raised a total of c.$1.5bn from 2012 to 2015.
Whilst a secondary listing on the Johannesburg StockExchange (“JSE”) would enable access to the largest pool ofcapital, a secondary listing on the Namibian Stock Exchange(“NSX”) would be a more cost efficient manner to obtain asecondary listing within the CMA with less onerousrequirements than the JSE, including requirements relating toshareholder spread.
“The internationalisation of the SEM that started in 2010 has
made it one of the leading and most innovative exchanges in
Africa which offers a listing, trading and capital-raising platform
of choice for a multitude of companies wishing to use the
platform in order to fuel their growth initiatives. The flexibility of
its rules, while at the same time respecting international norms,
has contributed significantly to an influx of companies (mainly in
the real estate sector) operating in the global business in
Mauritius to select SEM as a primary listing destination.” -
Shamin A.Sookia, Managing Director of Perigeum Capital and
previous Head of Listing at SEM.
A company with a global investment strategy and a desire totake advantage of the benefits of highly developed financialmarket infrastructure would therefore do well to seriouslyconsider Mauritius as its business jurisdiction, and the SEM asits primary listing market. The benefits of doing business inMauritius coupled with a secondary listing within the CMAprovide an excellent growth platform.
Peche is an associate with Bravura Corporate Finance, Cape Town.
FEATURE: MAURITIUS
http://today.moneyweb.co.za/
FEATURE: MAURITIUS
10 DealMakers AFRICA Q2 2016 FEATURE: MAURITIUS
The Government of Mauritius' vision is to consolidate theisland into a full-fledged international business and financialhub, with ideal conditions for working, living and spurring
investment. In line with thisvision, Government is puttingin place an ambitiouseconomic developmentprogramme to encourage thecreation of Smart Cities acrossthe island. The objective is totransform Mauritius into aglobal smart country, a centreof excellence for internationalbusiness and knowledgedevelopment, that will createsustainable economic growthand high quality of life.
The Smart City Scheme set upby the Board of Investment(the “BOI”) in 2015 providesan attractive package of fiscaland non-fiscal incentives to
investors, promoters and developers. The development ofSmart City projects is meant to be a mixed use of commercial,industrial, residential and leisure components integrated intocoherent master plans that focus on innovation, sustainability,efficiency and quality of life.
The incentives provided by Government for the developmentof Smart City projects include the following tax exemptions:
• Income tax for a period of 8 years;• Morcellement (parceling out of land) Tax;• Land Transfer Tax and Registration Duty on transfer of
land into the Smart City Company for the development ofthe Smart City project;
• Land Transfer Tax and Registration Duty on the transfer of
land from a SmartCity Company to aSpecial PurposeVehicle (SPV) todevelop a specificcomponent of theSmart City project;
• Land ConversionTax in respect ofthe landearmarked for thedevelopment ofnon-residentialcomponents;
• Value Added Tax on the cost of construction andprofessional fees;
• Customs duty on the importation of materials andequipment (excluding furniture) towards the constructionof the Smart Cities.
At this stage, a few projects have qualified and are well ontheir way to obtaining the ‘Smart City’ status. Some of themhave already obtained their Letter of Intent (“LOI”) whichallows for marketing and pre-selling (including deposit taking)of their developments. The application for permits andclearances is facilitated by a set of Guidelines provided by theBOI, which also acts as a “one stop shop” for all parties onmatters relating to the Smart City Scheme.
With a dynamic and stable economy, modern port and airportinfrastructures, an educated bilingual workforce and anestablished banking system, Mauritius is an ideal steppingstone for investments targeting Africa. With the Smart CityScheme, Mauritius hopes to attract foreign and local investorsto establish a (physical) footprint on the island with a view toexport goods, services and investment capital to Africa.These investors would also benefit from the numerousinternational tax treaties applicable to Mauritius domiciled
The emergence of Mauritius into anintelligent City of opportunities NICOLAS VAUDIN
Vaudin
With a dynamic andstable economy, modernport and airportinfrastructures, aneducated bilingualworkforce and anestablished bankingsystem, Mauritius is anideal stepping stone forinvestments targetingAfrica.
11DealMakers AFRICA Q2 2016FEATURE: MAURITIUS
investments as well as the numerous advantages Mauritiusoffers in terms of its ease of doing business.
PwC Mauritius is actively involved in the development ofSmart City projects on the island from an Advisoryperspective, providing support and insight not only on
matters of real estate development strategy, financialfeasibility, debt and tax, but also on matters of dealing withregulatory and compliance issues, as well as IT strategy(including IT security).
Vaudin is a director, Real Estate Advisory with PwC Mauritius.
FEATURE: MAURITIUS
On March 29 2016, the National Assembly of Mauritius
passed the Build Operate Transfer Projects Act. With BOT,
the private sector designs, finances, constructs and
operates the facility and eventually, after a specified period,
known as the ‘concession period’, the ownership is
transferred to the government.
What is BOT? Build Operate Transfer (“BOT”) is a developing technique forinfrastructure projects by using private funding. Suchinfrastructure projects include a wide array of public facilitieswith the main function to serve public needs, to provide socialservices and promote economic activity in the private sector.The most common examples of facilities are roads, bridges,water and sewer systems, airports, ports and public buildings.A very recent project under the BOT model is the 357kmrailway project which has been announced by the IndianRailway Ministry this year. In Mauritius, the BOT approach canbe used to develop smart cities and toll-road projects.
BOT, a form of privatisationBOT is based on the principle of privatisation. Privatisation canbe divided into primarily three areas: the selling ofgovernmental holdings (e.g. British Telecom in the U.K), thesubcontracting of government services to private undertakers(e.g. US Postal Service in the U.S.), and the subcontracting offinancing and developing public facilities (e.g. ChannelTunnel). BOT belongs to the last category. BOT is just one ofthe many different project delivery schemes within the contextof privatisation or public-private-partnerships. The two other
schemes that appearmost similar to BOTare Build OwnOperate (BOO) andBuild TransferOperate (BTO). In allthree cases, theprivate party retainsrevenues fromoperating the facility.In a BTO, the privateparty transfers theownership of the
facility directly after the delivery and operates the facility onbehalf of the principal. In a BOO, the private party retainsownership of the facility, makes returns on investment byoperating it for its useful life, and may sell it at any point atmarket value. A comprehensive definition of a “BOT Project” isgiven in the Build Operate Transfer Projects Act (“Act”).
Why BOT? In recent years, a growing trend emerged amonggovernments in many countries to solicit investments forpublic projects from the private sector. The main reasons forthis trend are a shortage of public funds and a hands-offapproach of government agencies. When introducing theBuild Operate Transfer Projects Bill in the National Assembly,the Hon. Prime Minister (who is also the Minister responsiblefor finance) stated that the aim of the BOT law is to judiciouslymanage public expenditure, and propose new avenues to
The Build Operate Transfer Projects ActAMMAR OOZEER
Oozeer
FEATURE: MAURITIUS
encourage the active participation of the private sector in thefinancing of infrastructural needs.
PPP vs BOTUnder a Public-Private Partnership (“PPP”) approach, cooperationbetween government and private parties is achieved where thegovernment works “together” with the private sector to provide forpublic requirements. The Mauritius Road Decongestion PPPProgramme (2013) is an example of co-operation between thepublic and private sectors. The differences between privatisationand PPP are, however, difficult to detect, depending on the levelof government participation.
Private financing is keyPrivate financing is a key characteristic of BOT. In BOT, thegovernment subcontracts the entire development process,including the associated risks, to the private party. One ofthese risks is financing, which must be obtained by theconcessionaire, who is ultimately responsible for all aspects ofthe project. A prerequisite for private financing is a need forthe facility to be developed. If there is no obvious requirementfor the facility, private parties will refuse to participate andprovide financial support. Only after market analysis justifies aneed will private parties be willing to financially participate andbecome involved in developing the facility.
SelectionOne of the stages of the BOT project is the selection process. Theselection process depends on who initiates the project. In apublic selection process, where the initiative is coming from thepublic sector (government), a request for qualification (“RfQ”) isdistributed. After receiving responses to the RfQ, the governmentselects a few bidders to submit proposals (Request for Proposals- RfP) and from these a preferred bidder is selected. During thisprocess, the bidders will group interested parties as required forthe efficient and adequate execution of the project. Alternatively,in a speculative selection process, the private sector initiates theproject and contacts the appropriate government agency forapproval. The project is granted after proper negotiations. The Actdoes not, however, provide for a speculative selection process.
Under the Act, the selection process is done by the CentralProcurement Board (“CPB”), which is vested with the powersto make recommendations to the contracting authority forentering into negotiations and eventually entering into anagreement with a private party (i.e., the preferred bidder).
TransparencyAn interesting feature of the Act is the obligation imposed onthe contracting authority to lay a copy of the BOT agreement ithad entered into, as soon as practicable, before the NationalAssembly. This will ensure transparency on the terms andconditions of the BOT agreement.
Unlike the Public ProcurementAct and arguably the Public-Private Partnership Act, it is amoot point as regards theextent to which the Act ensurestransparency of the BOTprocurement proceedings. TheAct does not provide anyavenue for a bidder who isdissatisfied with the decision ofthe CPB. Under the PublicProcurement Act, a dissatisfiedbidder can challenge thedecision of the public bodyand if the bidder is stilldissatisfied, it can apply for thereview of the decision beforethe Independent Review Panel.Under the Public-PrivatePartnership Act it is a moot point whether a review lies before theIndependent Review Panel. This grey area can, however,satisfactorily be dealt with in the RfP documentation. In theabsence of such provision, it would be left to a dissatisfied bidderto apply for the judicial review of the recommendation of the CPBand if it is not too late, to apply for an injunctive relief until thedetermination of the review. However, the compelling publicinterest against the granting of an injunctive order which will havefor effect to jeopardise the implementation of a major project ofsignificant public importance would be a hurdle for an applicantfor injunctive relief.
G2G projectsIn the event that there is an agreement or arrangement betweenMauritius and a foreign State for a BOT project which allowsMauritius to benefit from the expertise and developmentexperience of that foreign State in a particular field, it will beincumbent on the contracting Ministry to perform due diligenceon the BOT proposal to ensure that the procurement constitutesvalue for money. The Ministry must then submit a report on the
12 DealMakers AFRICA Q2 2016 FEATURE: MAURITIUS
In recent years, agrowing trend emergedamong governments inmany countries tosolicit investments forpublic projects from theprivate sector. The mainreasons for this trendare a shortage of publicfunds and a hands-offapproach ofgovernment agencies.
13DealMakers AFRICA Q2 2016FEATURE: MAURITIUS
FEATURE: MAURITIUS
due diligence, together with supporting documents and itsrecommendations, to a high-powered committee through thePrime Minister. After examinations of the documents andrecommendations, the committee will forward its report to theCabinet and thereafter notify the Ministry of its recommendationsto enable it to take a decision on the procurement.
The above serves as an introduction to the complex subject ofBOT. Financial contracts, construction contracts and operation
contract are but a few contracts which will have to addresscomplex issues, such as financial guarantees, constructionprocess, construction completion time and method of operation.The BOT Projects Unit, which is established under the Act, willneed proper training in these areas and, if necessary, the Unitmay have to enlist the services of experts to assist it.
Oozeer is a barrister and senior partner with JuristconsultChambers Mauritius, a member of DLA Piper Africa.
The current competition law regime in Mauritius has been inplace since 2008 when the Competition Act, 25 of 2007 (“Act”)became effective and the Competition Commission ofMauritius (“Commission”) was established.
Internationally, competition legislation typically deals withmerger control and anti-competitive conduct. While many ofthe merger control regimes in Africa have been criticised forbeing deal “unfriendly”, with low thresholds for notification,lengthy or uncertain review periods and high filing fees, inMauritius there is no mandatory pre-notification obligation. Assuch, the merger notification regime in Mauritius is effectivelyvoluntary. Merging parties can “self-assess” the effect of theirtransaction in Mauritius (if any) and may approach theCommission if they want comfort that the transaction will notsubstantially prevent or lessen competition in Mauritius.
In circumstances where the Commission considers that atransaction will have the effect of substantially preventing orlessening competition in a market, the Commission mayinitiate a review pre- or post-implementation of thetransaction, depending on when the Commission becomesaware of the merger. Where the parties proactivelyapproach the Commission regarding their prospectivetransaction, the Commission may give directions to theparties, including directions of a behavioural or structuralnature, to mitigate adverse effects on competition in specificcases.
Under the current Act,the Commission onlyhas jurisdiction toinitiate the review of amerger if it hasgrounds to believethat the transactionwill impede, restrict orotherwise lessencompetition and if themerging partiessupply or purchase30% or more of thegoods or services in amarket. Thisthreshold, whichfunctions as a “safeharbour” for mergingparties, can be met bythe parties on acombined basis or byonly one of the partiesto the transaction.While theCommission’s reviewpowers appear toraise a degree of uncertainty, transactions will not attractscrutiny if the merging parties supply or purchase less than
Mauritius – M&A “friendly”competition law regimeTAMARA DINI AND KIRSTY DEAN-MHLONGO
Dean-Mhlongo
Din i
FEATURE: MAURITIUS
30% of the goods or services in a market. In the ordinarycourse, transactions are not notified to the Commission andMauritius does not add to the many regulatory hurdles thatinternational acquisitions need to cross.
Mauritius is also a member of the Common Market for Easternand Southern Africa (COMESA) and, as such, mergers notified tothe COMESA Competition Commission, insofar as they may havean impact on competition in Mauritius, may also be consideredby the COMESA Competition Commission as part of its review.
While few transactions attract merger scrutiny, the Act neverthelessprohibits restrictive business practices (including, price-fixing,market allocation, bid-rigging and abuse of dominance) and theCommission has been very active in its enforcement activities.
As at the time of writing, the Commission reports that it isinvestigating 10 cases of restrictive business practices, five ofwhich relate to cartel conduct (being unlawful anti-competitiveconduct between competitors). The Commission hascompleted investigations into a number of different businessareas. In terms of the regulator’s current areas of focus, theCommission is in the process of investigating restrictivebusiness practices in cross-border money transfer servicesand the pricing of mobile telephone services. In terms of theAct, for cartel conduct the Commission may impose a penaltyof 10% of a company’s turnover in Mauritius for each year ofthe contravention up to a period of five years.
Dini is a partner and Dean-Mhlongo an associate, CompetitionPractice, Bowman Gilfillan Africa Group.
14 DealMakers AFRICA Q2 2016 FEATURE: MAURITIUS
Mauritius is often known for its low tax rates and its beaches,but the country offers a great deal more, in particular to thosemultinationals which are looking to establish or grow theiroperations in Africa, or those businesses which are looking foran efficient way to manage their African operations across thecontinent.
Over the years, the island has established itself as the preferredbusiness hub into Africa. Multinational companies are usingMauritius because of its strategic position (being at the crossroadsof Africa, Asia and Australia) to locate their operations and totake advantage of the country’s business-friendly and stableenvironment, strong rule of law and bi-lingual workforce.
Africa is a risky place; political stability is low, there are strictforeign exchange controls as well as a lack of qualifiedprofessionals. As a result, multinational companies, withoperations in Africa, look to locate their head-quarters in asafe, reliable and accessible jurisdiction. Many of them haveselected Mauritius as their jurisdiction of choice and run theirback office, procurement, or treasury functions in Mauritius, asit is quicker, cheaper and more efficient to manage their panAfrican operations from a single location. More and more
multinationals arelooking at centralisingtheir financialoperations in Africa,just as they do inEurope or NorthAmerica.
Mauritius’ strong tradelinks with Africa as amember of theCOMESA (CommonMarket for Easternand Southern Africa) and SADC (Southern Africa DevelopmentCommunity), coupled with its network of bilateral investmentand tax treaties, also makes it an attractive place. Today, 60%of all new companies being incorporated in the globalbusiness sector in Mauritius have an Africa focus.
Mauritius’ multifaceted appeal makes it the ideal investmentand business hub for Africa.
Leung Shing is a tax partner with PwC Maurtitius.
Platform into Africa for Multinationals TONY LEUNG SHING
Leung Shing
15DealMakers AFRICA Q2 2016FEATURE: MAURITIUS
FEATURE: MAURITIUS
Mauritius DirectoryINVESTMENT ADVISERS
AfrAsia Bank
Tel : + 230 208 5500
Email : afrasia@afrasiabank.com
Website : www.afrasiabank.com
Bravura
Tel : + 230 212 7803
Website : www.bravura.net
Deutsche Bank Mauritius
Tel : + 230 202 7878
Website : www.db.com/mauritius
Parker Randall Mauritius
Tel : + 230 405 7777
Email : smoollan@parkerrandall.com
Website : www.mu.parkerrandall.com
PricewaterhouseCoopers
Mauritius
Tel No : +230 404 5000
Address : 18 CyberCity, Ebène, Réduit 72201
Contact : André Bonieux
Designation : Partner
Email : Andre.bonieux@mu.pwc.com
Website : www.pwc.com/mu
Verdant Capital Mauritius
Tel No : +230 (464) 1300
Fax No : +230 (467) 0155
Address : 3rd Floor, Tower A,
1 Cybercity, Ebene 72201
Contact : Edmund Higenbottam
Designation : Managing Director
Email : ed.higenbottam@verdant-cap.com
Website : www.verdant-cap.com
INVESTMENT DEALERS / MEMBERS
Anglo-Mauritius Stockbrokers
Tel : + 230 208 7029
Website : www.anglostockbrokers.mu
Associated Brokers
Tel : + 230 212 3038
Email : abl@intnet.mu
Website : www.abrl.et
AXYS Stockbrokering
Tel : + 230 213 3475
Website : www.axys-group.com
Capital Markets Brokers
Tel : + 230 467 9655
Email : traders@cmb.mu
Website : www.cmb.mu
IPRO Stockbroking
Tel : + 230 403 6700
Email : sh@ipro.mu
Website : www.ipro.mu
MCB Stockbrokers
Tel : + 230 202 5427
Email : mcbsb@mcbcm.mu
Website : www.mcbstockbrokers.mu
Prime Securities
Tel : + 230 212 3500
Email : psl@primepartnersltd.com
Website : www.primesecuritieslrd.com
LEGAL ADVISERS
BLC Chambers
Tel : + 230 213 7920
Email : chambers@blc.mu
Website : www.africalegalnetwork.com
C & A Law
Tel : + 230 466 0500
Email : info@calaw.mu
Website : www.calaw.mu
ENSafrica : Mauritius
Tel : + 230 212 2215
Website : www.ensafrica.com
Jean Pierre Montocchio
Tel : + 230 212 2871
Juristconsult Chambers
Member of DLA Piper Africa
Tel : + 230 208 5526
Contact : Marc Hein, Head of Practice
Email : mhein@juristconsult.com
Website : www.juristconsult.com
Mardemootoo Solicitors
Tel : + 230 212 1150
Website : www.mardemootoo.com
16 DealMakers AFRICA Q2 2016 FEATURE: MAURITIUS
FEATURE:O
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xchan
ge of
Mau
ritius
Bond
s
S
tate B
ank o
f Mau
ritius
: issue
of lis
ting o
f Clas
s A 1
Serie
s Floa
ting I
nteres
t Rate
Senio
r Unse
cured
Bond
s, du
e 202
4
MUR
1,5bn
Ma
r 25 2
014
Acqu
isition
by
CIE
L of G
ML In
vestis
semen
t's 10
% pa
rticipa
tion i
n Sun
Resor
ts (to
tal st
ake i
ncrea
sed to
39.32
%)
MUR4
1 per
share
Ma
r 25 2
014
Acqu
isition
by
CIE
L : M
anda
tory o
ffer t
o Sun
Resor
ts sha
rehold
ers @
MUR
41.00
per s
hare
to be
advis
ed
Mar 2
5 201
4Ac
quisit
ion by
DPI In
terna
tiona
l (Dist
ributi
on an
d Ware
housi
ng Ne
twork
) from
Aureo
s Sou
thern
Africa
Fund
of a
stake
in Pla
stic
Werk
sman
s
$2,3
m
n
ot an
noun
ced Q1
2014
Inv
estme
nt Int
ernati
onal
Listin
g of
M
CB Gr
oup :
237 8
35 83
7 sha
res @
MUR
215
MCB
Capit
al Ma
rkets;
EN
Smau
ritius;
Jean
-Pierr
e Mon
tocch
io;
BD
O
M
UR51
bn
Apr
3 201
4
P
ricew
aterho
useCo
opers
Bern
ard d'
Hotm
an de
Villie
rsPri
vate P
lacem
ent
Rockc
astle
Globa
l Rea
l Esta
te : 3
269 7
00 ne
w sha
res @
$1.41
per s
hare
Java
Capit
al
J
ava Ca
pital
$4,6
m
M
ay 15
2014
Acqu
isition
by
Ad
enia
Partn
ers of
a ma
jority
stak
e Mau
vilac f
rom th
e Mau
rel fa
mily
and o
ther s
hareh
olders
un
disclo
sed
Sep 2
9 201
4Lis
ting
New F
rontie
r Prop
erties
: 938
736 s
hares
listed
@ $1
.00 pe
r sha
re
R
SM M
argéo
t
LCF
Secu
rities
M
arden
ootoo
Solici
tors
BDO
$938
736
Nov
28 20
14Ac
quisit
ion by
Natio
nal B
ank o
f Can
ada o
f a 9.
5% st
ake i
n AfrA
sia Ba
nk
und
isclos
ed
Dec 1
5 201
4
Acqu
isition
by
Lea
pFrog
Inves
tmen
ts of
a mino
rity st
ake i
n AFB
Mau
ritius
EN
Safric
a
$
25m
Feb
26 20
15Ac
quisit
ion by
Ameth
is Fin
ance
of a 1
7% st
ake i
n CIEL
Fina
nce
und
isclos
ed
Feb 26
2015
Acqu
isition
by
Ge
mcorp
Capit
al of
an eq
uity s
take i
n AFB
ENS
africa
$7,5
m
Jun 4
2015
Dispo
sal by
Ge
m Dia
mond
s Inve
stmen
ts of
a stak
e in G
em Di
amon
d Trad
ing (M
auriti
us)
Web
ber W
entze
l
undis
closed
n
ot ann
ounced
Q2 20
15Ac
quisit
ion by
Santo
va Ad
minis
tratio
n Serv
ices(S
antov
a) of
Jet-Fr
eight
Servi
ces
Ri
ver Gr
oup
Rive
r Grou
p
u
ndisc
losed
Au
g 21 2
015
Acqu
isition
by
PS
G Kon
sult o
f a 70
% st
ake i
n DMH
Assoc
iates
Cliff
e Dekk
er Ho
fmeyr
und
isclos
ed
Oct 8
2015
Acqu
isition
by
CM
B Inte
rnatio
nal o
f 100
% of
the s
hares
in Ex
tell C
apita
l (Aust
ralia)
B
ravura
Capit
al
BLC C
hamb
ers; W
ebbe
r Wen
tzel
BDO
$
1,3m
Oc
t 9 20
15Ac
quisit
ion by
Vosto
k Eme
rging
Fina
nce o
f an e
quity
stak
e in A
FB
ENS
africa
$4
m
Oct 2
2 201
5Lis
ting o
f
CMB I
nterna
tiona
l : 11
5 098
380 s
hares
@ $0
.10
BDO
; BLC
Cham
bers
In
terco
ntine
ntal Tr
ust
BL
C Cha
mbers
KPMG
$1
1,5m
Oc
t 23 2
015
Acqu
isition
by
De
lta Af
rica P
ropert
y from
Jade
Towe
rs of
Barcl
ays H
ouse,
Eben
e, Ma
uritiu
s
PSG
Capit
al
PS
G Cap
ital; C
apita
l Mark
ets Br
okers
$
13,1m
No
v 10 2
015
Amalg
amati
on of
EN
L Inve
stmen
t with
and i
nto EN
L Lan
d
ENSa
frica (
Mauri
tius)
und
isclos
ed
Nov 1
9 201
5Lis
ting o
f
Trveo
Capit
al : 6
00 00
0 pref
s @ R1
3.00 p
er sha
re
KPMG
Advis
ory Se
rvices
Cap
ital M
arkets
Brok
ers
C
&A La
w
K
PMG
ZAR7
,8m
Dec 8
2015
Acqu
isition
by
Mo
zaza L
ogist
ics of
newly
form
ed GB
GC2
W
ebbe
r Wen
tzel
n
ot pu
blicly
discl
osed
not
annou
nced Q
4 201
5
Acqu
isition
by
Tad
vest fr
om M
atrix
NSX o
f a 45
.32%
of Ta
dvest
SA
Br
avura;
BDO
L
CF Se
curiti
es; PS
G Nam
ibia
H
ogan
Lovel
ls (SA
); Sh
amee
r
N
AD19
5,9m
Jan
19 20
16
M
ohud
dy; Ia
n Cha
mbers
Consu
lting
Acqu
isition
by
Tad
vest fr
om CR
H Inve
stmen
ts of
a 40.0
2% of
Tadve
st SA
Bravu
ra; BD
O
LCF
Secu
rities;
PSG N
amibi
a
Hog
an Lo
vells
(SA);
Sham
eer
NA
D173
m
Jan 19
2016
Moh
uddy
; Ian C
hamb
ers Co
nsultin
gLis
ting o
f
Tadve
st : 1
5 196
030 s
hares
@ $0
.90 pe
r sha
re
Brav
ura; B
DO
LC
F Secu
rities;
PSG N
amibi
a
Hog
an Lo
vells
(SA);
Sham
eer
$13,7
m
Feb 3
2016
Moh
uddy
; Ian C
hamb
ers Co
nsultin
gAc
quisit
ion by
CMB I
nterna
tiona
l of th
e rem
aining
65.9%
of Co
ncise
Grou
p
Bra
vura
I
nterco
ntine
ntal Tr
ust
$2m
Ma
r 17 2
016
Privat
e Plac
emen
t
CM
B Inte
rnatio
nal :
20,30
6,455
share
s
Brav
ura
Int
ercon
tinen
tal Tr
ust
$2m
Ma
r 17 2
016
Acqu
isition
by
Va
ntage
Mezz
anine
Fund
III US
D of a
4.33
% st
ake i
n Worl
dwide
Land
mark
Holdi
ng Co
mpan
y
Invest
ment
One F
inanc
ial Se
rvices
Werk
sman
s; Ad
epetu
n
un
disclo
sed
Apr 1
2 201
6
Cax
ton-M
artins
Agbo
r & Se
gun
Privat
e Plac
emen
t
CM
B Inte
rnatio
nal :
7 586
401 n
ew sh
ares @
$0.10
per s
hare
iro th
e Mult
iplex
Finan
ce rig
hts
Br
avura
Interc
ontin
ental
Trust
$
758 6
40
Apr 2
9 201
6Ac
quisit
ion by
CMB I
nterna
tiona
l of ri
ghts
to 5m
Mult
iplex
Finan
ce sha
res
Bravur
a
Inte
rconti
nenta
l Trust
$
758 6
40
Apr 2
9 201
6Dis
posal
by
MCB E
quity
Fund
of 10
0% of
Spee
dy Fr
ance
to Bri
dgest
one E
MEA
M
CB Ca
pital
Marke
ts
u
ndisc
losed
Ma
y 30 2
016
Dispo
sal by
Tor
re Int
ernati
onal
(Torre
Indu
stries
) to A
frican
Agric
ulture
Fund
and a
man
agem
ent c
onsor
tium
of a 4
5% st
ake i
n
Bowm
an Gi
lfillan
$15
,7m
Jun 20
2016
Tor
re Eq
uipme
nt Afr
ica (4
0%:5%
)Ran
d Merc
hant
Bank
2015
2016
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