Alteo to split into two listed groups

Alteo, a regional leader in the sugar, renewable energy and property sectors, will finally split into two distinct listed groups.

The move was confirmed this week, as a follow-up to an announcement by its Chairman Arnaud Lagesse back in October 2021.

The first group, to be named Miwa Sugar, will hold its regional sugar operations in Tanzania and Kenya through a new holding company.

The other will retain Alteo as name and will keep its sugar cane growing, property, sugar milling and energy activities in Mauritius.

The Board of Alteo will reportedly be applying to the Supreme Court for an order to convene a special meeting of shareholders to consider a Scheme of Arrangement whereby shares in Miwa Sugar. This will essentially represent Alteo’s investment in Sucriere des Mascareignes Limited net of selected debts to be distributed to all shareholders of Alteo by way of a share capital reduction.

The company will also be applying for the admission of Miwa Sugar to the Development and Enterprise Market of the Stock Exchange of Mauritius following the sanction of the Scheme by the Supreme Court and its implementation.

In a Cautionary Announcement issued on June 24, Alteo said the proposed Scheme and Admission are still subject to the approval of regulators, creditors, shareholders and sanction by the Supreme Court.