Land deal with MIC invigorates Omnicane’s bruised balance sheet

Omnicane Limited has just completed the sale of various plots of land as well as the sale of the shares of Mon Tresor Smart City Ltd (MTSC) to the Mauritius Investment Corporation (MIC).

In a “Summary of substantial transaction circular” dated 11 February 2022, Omnicane said the price consideration in respect of lands belonging to Omnicane and MTSC was determined by an Independent Valuer “based on an open market value approach.” The core assets of MTSC comprise a land bank.

“Taking into account the available set of data and the estimates received from the Independent Valuer, the directors of the company took the decision to proceed with the transaction for a total consideration of Rs4.45 billion,” it said.

The net proceeds of the transaction have been used to invigorate Omnicane’s heavily-bruised balance sheet which, detractors claim, were triggered by series of “bad investments in investments in the UK, Rwanda and Kenya.”