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Southern Cross seeks Rs350M from the MIC

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Preskil Island Resorts is one of the hotels of Southern Cross Tourist Company Ltd. Source: southern cross.mu

Debt-stricken Southern Cross Tourist Company Ltd, which owns and operates hotels in Mauritius, has reportedly knocked at the doors of the Mauritius Investment Corporation (MIC) for financial support.

It has reportedly signed an agreement whereby the MIC will subscribe to 35 redeemable and convertible secured bonds of Rs10M each issued by the company for a total amount of Rs350M. The deal is subject to certain conditions precedent which include shareholders’ and regulatory approvals.

Southern Cross Tourist Company Ltd manages hotels such as the Preskil Beach Resort at Pointe Jerome, Mahebourg, Astroea Beach at Pointe D’Esny, Mahébourg, and Solana Beach at Belle Mare, Mauritius.

Southern Cross Tourist Company Limited is headquartered in Curepipe, Mauritius, and operates as a subsidiary of The Union Sugar Estates Co. Limited.

It is listed on the Stock Exchange of Mauritius.

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