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Loss-stricken SIT looking for strategic partner

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Loss-stricken SIT looking for strategic partner
Photo: Defi Media

Mauritius’ state-owned Sugar Investment Trust (SIT), through its subsidiary company Sugar Investment Trust Leisure Limited (SITL), is reportedly looking for a strategic partner to develop 44.63 acres of land in Belle-Mare.

The invitation for Expression of Interest (EOI) was issued to local and international firms “having relevant expertise and experience in the development of mega projects in the property development sector.”

The land earmarked for the development is located next to Splash n Fun Leisure Park, the largest water-themed attraction in the region, built on 26 acres and launched in December 2000.

It was renovated in 2018 at a cost of Rs 350 million and renamed the Splash N Fun Leisure Park. It reopened in October 2019 with new attractions.

SITL said it would also consider an “integrated development partnership” including Splash n Fun Leisure Park, which it owns and operates.

The company’s audited accounts to 30 June 2022 showed losses of Rs 54 million and a 45% drop in revenue. It owns approximately 71 acres of leased land between Belle-Mare, Palmar and Trou-d’Eau-Douce. 

SITL’s revenue for the financial year ending 30 June 2022 fell by 45% compared to last year. Finance income, mainly interest from inter-company loans, declined from Rs 141 million to Rs 79 million following a drop in interest rates. 

Bottom line:  the company moved from profits of Rs 37 million in 2021 to losses of Rs 54 million in 2022. 

Source: Defi Media, SIT

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