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AfricaMoney | October 18, 2017

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Bluelife and Indian Ocean Real Estate Company merge

Bluelife and Indian Ocean Real Estate Company merge

BLL share trading starts tomorrow, January 8, on the SEM. 5000 shares will be offered for sale at a unit price of MUR 9.14. (Image: Company Website)

Bluelife Limited (BLL) and the Indian Ocean Real Estate Company (IOREC) are now a single entity, with the amalgamation of IOREC into BLL being approved on December 31.

All conditions have been met by the two companies to get the Stock Exchange of Mauritius’ (SEM’s) green light for this operation.

“This merger positions BLL as the leader of the real estate industry not only in Mauritius but in the whole region”, says BLL’s CEO Murray Adair, who also points out that his company has an impressive property portfolio and a network of international partners.

BLL owns Azuri (a coastal village with premium villas and a hotel, Le Centara Grand Azuri Resort &Spa), Les Haut Champs, Riverside Shopping Complex, Circle Square, and the Harbour Front Building.

BLL share trading starts tomorrow, January 8, on the SEM. 5000 shares will be offered for sale at a unit price of MUR 9.14.

Earlier in November, the listing committee of SEM had approved the listing of up to 425,342,317 ordinary shares of BLL on the official list of the exchange, following the amalgamation of IOREC into BLL and the migration of the smaller company’s shares from the Development and Enterprise Market.

Blue Life Limited is a leading real estate company based in Mauritius. Formerly known as Fuel Properties Limited, the company was incorporated in 2004 and is a subsidiary of Union Flacq Ltd.

IOREC was established and registered in Mauritius in January 2009 as a property development company set up to operate primarily in the Indian Ocean Region. The company arose from a partnership between two corporate majors, GML, a leading Mauritian conglomerate, and private equity group Actis.

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