Club Med Affiliate Withdrawn From Mauritius Stock Exchange

Compagnie des villages de vacances de l’Isle de France Ltée (COVIFRA), an entity that leases property and equipment to the Club Med hotel at Pointe-aux-Canonniers, was delisted from the Mauritius Stock Exchange on August 29.

The move was publicly announced in a statement from the exchange’s management and the company secretary of MCB Group Corporate Services Ltd.

The delisting followed a legal proceeding in the Supreme Court, of which the stock market was made aware on July 16.

New Ownership Structure

The delisting means that COVIFRA now has a single shareholder. This concludes a series of transactions that began in 2017 with MCB Real Assets Ltd’s acquisition of an 84.43% stake in Club Med SAS (CMSAS).

Subsequently, in February 2018, MCB Real Assets Ltd made a mandatory offer to purchase the remaining COVIFRA shares from ordinary shareholders for Rs 22.50 per share, as required by the Securities (Takeovers) Regulations 2010.

By April 12, 2018, MCB Real Assets Ltd had increased its holding by another 8.60%, leaving the rest in the hands of the public.

Additionally, 11,322,000 shares were distributed to ordinary shareholders at a price of Rs 23.00 per share on January 31, 2019, following a rights issue exercise.

Financial Health

Prior to its delisting, COVIFRA’s financial health appeared to be strong.

Financial statements for the nine-month period ending March 31, 2025, show a slight increase in assets, which rose by 0.64% from EUR 106,347,568 on June 30, 2024, to EUR 107,023,716 on March 31, 2025.

Revenues also saw a marginal gain of 0.41%, increasing from EUR 2,169,848 for the three months ending March 31, 2024, to EUR 2,178,846 for the corresponding period in 2025.

Despite a slight 0.50% decrease in operational profits—from EUR 2,064,053 to EUR 2,053,682—the company remained profitable.

The total profit for the three months ending March 31, 2025, was EUR 1,153,605, a decrease of EUR 82,571 from the EUR 1,236,180 reported for the same period in 2024.

Source: l’Express