Gamma Civic raises Rs1billion

Gamma Civic, engaged in building materials, construction, real estate, hotels and leisure and lottery gaming group in Mauritius, has raised Rs1billion of secured, rated and floating rate notes by way of private placement under a ‘Multi-Currency Note Programme’ of Rs3Bn.

The first issue of Rs1Bn under the Note programme was announced on April 2, 2021.

Gamma Civic, which is listed on the Stock Exchange of Mauritius, said it received firm orders amounting to a subscription of more than two times the First Issue Amount from various institutional investors. 

While the operations of Gamma Civic group for the year ended 31 December 2020 were profitable, the COVID-19 pandemic had reportedly impacted on the profitability of the Group with profits after tax declining by 62% from Rs596M to Rs228M.

The Company also reported a drop in profit after tax of Rs173M (Dec 2019: Rs250M). No interim dividend was declared for 2020.