Game over: Air Mauritius to be delisted from Mauritius Bourse on 31 March

Air Mauritius Limited will be withdrawn from the Official Market as from market close on 31 March 2022, achieving crushing victory after months of battle over its small shareholders.

This is what the company announced to its shareholders and the public in a communique issued on Wednesday.

“Following the compulsory acquisition of the shares of the dissenting shareholders of Air Mauritius Limited in accordance with Rule 39 of the Takeover Rules by Airport Holdings Limited, Air Mauritius Limited will no longer meet the requirements of the Listing Rules for its listing on the official market” it said.

It added that it will not restore the percentage in public hands of Air Mauritius Limited to 25% pursuant to the Listing Rule 6.21.

Air Mauritius nevertheless undertook to release the outstanding financial statements of the Company including the audited accounts for the financial years ended 31 March 2020 and 31 March 2021 by 31 October 2022 under the Securities Act 2005.

The delisting concludes the row between the state-owned entity and its small shareholders.

The latter had earlier contested the compulsory acquisition and applied for an injunction.

On February 5, Airport Holdings said it now held 94.04% of Air Mauritius Ltd, satisfying the threshold conditions under Rule 37(2) of the Securities (Takeover) Rules 2010 and being entitled to acquire the shares of the dissenting shareholders of Air Mauritius Ltd.