Air Mauritius minority shareholders renew vow not to sell shares

Awadh Balluck, a spokesperson of minority shareholders of Air Mauritius, has warned that the group will not sell their shares, despite a press release issued by the airline on Friday that it will make a “mandatory offer” under the “Securities (Takeover) Rules 2010”.

“We won’t sell. I am appealing to other shareholders not to sell their shares. Let’s see what happens,” he was quoted as telling Defi Media.

The group intends to resort to legal action, he said.

Airports Holdings Ltd wants to buy the remaining shares of Air Mauritius. The entity has already acquired over 50% of the shares and the price has been set at Rs 5.80.

The exercise will begin on November 3 and close on November 22, according to Defi.

After bagging over RS12 billion from the Government, Airport Holdings Ltd has indicated that it has sufficient funds to buy back the shares.