The Board of Directors of Excelsior United Development Companies Limited (EUDCOS), which brings together of shareholders of Medine, has just approved a capital repayment of Rs1.30 per share, for a total amount of Rs157,889,227.60.
The operation is subject to the approval of the following resolutions.
These will be proposed at the forthcoming annual meeting of shareholders to be held on 30 December 2021:
- Conversion of the existing 121,453,252 shares of ONE RUPEE (Rs 1.00) each into 121,453,252 shares of NO PAR VALUE;
- A reduction of the share capital from Rs121,453,252.00 to Rs6,072,662.60.
- Elimination of the share premium account amounting to Rs 13,830,277
- The difference of Rs 28,678,361.20 to be taken out of the retained earnings of the company.
EUDCOS intends to send a circular with the rationale and steps involved to all shareholders soon.
Excelsior United Development Companies (EUDCOS) was incorporated in 1974 so as to allow the shareholders of Medine to take part in the other local economic sectors. The company has a portfolio of investments in a number of private and public entities.
Its key subsidiaries and associates to date operate in the Alcoholic beverages (International Distillers, New Goodwill, Medine Distillery, Indian Ocean Rum), Financial Services (SWAN), Property (Medine Mews) and Other Diversified Products sectors (Food Canners).
These investments relate to companies listed on the Official Market (SEM) and the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius, as well as unquoted companies.