Game Over for MUA Stockbroking, Sells Portfolio to MCB

In a stunning development, MUA Stockbroking Ltd, a subsidiary of Mauritius Union Group, has announced its decision to sell its client portfolio to MCB Stockbrokers Ltd, marking the end of its investment dealing activities.

The agreement has reportedly received regulatory approvals, and the transfer of accounts is scheduled to take place on 3 July 2023, according to a statement released by MUA Stockbroking Ltd.

This major shake-up will also entail the transfer of the core staff of MUA Stockbroking Ltd to MCB Stockbrokers Ltd.

MUA Stockbroking Ltd will also terminate its membership as a Trading Member of the Stock Exchange of Mauritius (SEM) and withdraw as a participant of the Central Depository & Settlement (CDS). 

MUA Stockbroking Ltd will cease all trading activities on the SEM at close of market on 30 June 2023 and clients should contact MCB Stockbrokers Ltd after this date.

For the quarter ending on March 31, the MUA Insurance Group reported losses of Rs 31.8 million, marking a contrast to the already meagre Rs 1.3 million profit recorded during the same period in 2022.

Source: Stock Exchange of Mauritius