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MIC disburses Rs 6.7 billion to 16 companies, loses Rs596 million

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MIC disburses Rs 6.7 billion to 16 companies, loses Rs596 million

The Mauritius Investment Corporation (MIC), a subsidiary of the Bank of Mauritius, has approved 40 of the 109 applications for financial assistance amounting to a total of Rs 24.9 billion.

The amount disbursed by the MIC, over the period ended June 30, 2021 was Rs 6.7 billion.

The figures were revealed in the MIC’s annual report, which has just been published.

On a sectoral basis, an amount of Rs5.9 billion was disbursed to the Accommodation and food services sector; Agricultural sector, Rs2.4 billion; and Manufacturing sector, Rs0.8 billion.

Luxury Retirement Village Ltd, Akai Fisheries Co Ltd, PSH Investment Limited, Compagnie Mauricienne de Textile Ltée are, among others, the beneficiaries of this financial assistance program. The MIC acquired 100% Mon Trésor Smart City Ltd for an amount of Rs 2.4 billion.

Among the 16 companies that have benefited from MIC’s funds, hotel groups New Mauritius Hotels Ltd and Long Beach Resort take the lion’s share.

Hereunder the list of recipients:

MIC disburses Rs 6.7 billion to 16 companies, loses Rs596 million

The financial assets in MIC’s portfolio include investments in secured redeemable convertible bonds of systemically large, important and viable companies in Mauritius.

The valuation was carried out using a scenario-based valuation model, which estimated a decrease of Rs596 million in the carrying value of the bonds.

Its profits are also modest, amounting to Rs 58 million, for Rs 24.9 billion invested.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.