Mauritius investment arm puts key assets and shareholdings on sale

The State Investment Corporation has reportedly stepped up its divestment exercise. In November, it put up 485.19 acres in Pailles and the Mauritius Casinos for sale. It expects to conclude the two sales during the first quarter of next year.

It is also selling its 11.25% stake in Marina Village Hotel Ltd, a subsidiary of Attitude Hospitality Ltd, owner of the Attitude Hotel Group, Defi Media reported.

The list keeps going: The SIC is also reportedly selling 25% (350,000 shares) of Splendid Property Holdings Ltd, which is active in the construction and property management. 

According to the newspaper, the SIC is also reflecting on its shareholding in Island Resorts, Morning Light Co. Ltd, New Mauritius Hotels, Sun Resorts, Tropical Paradise Co, Veranda Holdings, Pointe Cotton Resort Hotel and Trimetys Group.

The SIC is also selling a number of properties (land and commercial buildings) along Victoria Avenue in Quatre Bornes. These properties are currently owned by its subsidiary, MJTI Properties Co Ltd.

Other properties in Domaine Les Pailles, Coromandel, Quartier Militaire and Plaine-Lauzun are also being put up for sale. Through this major divestment exercise, the SIC hopes to get more than Rs 2 billion.

The sale of Maubank and National Insurance Company, which is expected to generate over Rs 10 billion, is expected to be completed during the first half of 2023.

Source: Defi Media