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AfricaMoney | August 24, 2017

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Mauritius’ CIEL closes out private placement of 22.67% share capital

Mauritius’ CIEL closes out private placement of 22.67% share capital

The textile major issued a communique on the Stock Exchange of Mauritius to the effect that conditions for the participation of PROPARCO, the French Development Financial Institution, have been met, thus bringing the private placement to a successful close. (Image: CIEL)

Mauritius-based conglomerate CIEL announced recently that the private placement of 22.67% of its share capital has been successfully closed out. The funds will be used to fund the expansion of CIEL in Mauritius, in the region, and in Africa.

The latest communique from CIEL stated that the final investor, PROPARCO – a Development Financial Institution partly owned by Agence Française de Développement (AFD) – has met conditions necessary to invest in the textile major.

Earlier this month, the board had approved the issue of 344.8 million new ordinary shares at Rs 5.80 representing 22.67% of CIEL’s share capital, to be issued to five strategic investors injecting at least Rs 200 million each.

Also, in the communique issued on 02 May 2014, the company management revealed the identity of the investors targeted for its private placement, namely:

FFP INVEST, a subsidiary of FFP which is an investment company quoted on the NYSE-Euronext Paris, majority-owned by the Peugeot family and managed by Robert Peugeot. FFP is one of the main shareholders of Peugeot SA and pursues a minority and long-term investment policy.
Dl CIRNE HOLDING LTD, subsidiary of DENTRESSANGLE INITIATIVES SAS, a family holding enterprise present in transport, logistics, as well as in immovable property, industrial sectors and services.
GROUP MARC LADREIT DE LACHARRIERE, owner of 40% of the Lucien Barriere hotel group and holding 50% of the Fitch Group, a global Leader in financial information services ratings through Fitch Ratings.
CODIAL ASIE LTD, an investment company belonging to Mr and Mrs Gerard Perse, owners of wine estates in Saint-Émilion, producing the prestigious Château Pavie, as well the renowned hotel, Hôtellerie de Plaisance.
PROPARCO, the French Development Finance Institution, partly held by the Agence Française de Developpement (AFD), which enjoys in-depth knowledge of markets and investments in Africa.

The same communique also mentioned that the four renowned European family investors had already subscribed for and been allotted their shares in CIEL to the tune of 287,935,975 ordinary shares.

However, the share allotment to PROPARCO was pending, whilst it was expected to be completed successfully before month end.

Subsequently, last Friday, 23 May 2014, the management issued a communique on the Stock Exchange of Mauritius to the effect that conditions for the participation of PROPARCO, the French Development Financial Institution, have been met, thus bringing the private placement to a successful close.

In the communique, the board noted that ‘the conditions precedents have been fulfilled in respect of the participation of Société de Promotion et de Participation pour la Coopération Economique SA (PROPARCO) in the share capital of the company.’

The directors went on to note that the shares issued to PROPARCO would be listed on the Official Market of the SEM as from the date of their issue, ranking pari passu (with the same rights and obligations) with the existing equity shares.

The communique closed on the note that the private placement of a total of 344,827,586 new ordinary shares at a price of Rs 5.80 per share, representing 22.67% of ordinary share capital, has been completed.

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