Mauritius-listed Delta International Property Holdings declares market cap at USD 97.8 mn
Delta International Property Holdings Ltd, which is listed in USD on the Official Market of the Stock Exchange of Mauritius under the Global Business Companies (GBC) segment, declared its market capitalisation at USD 97.8 mn at an investors meeting held to announce its financial performance for the year ended June 2015.
Mauritius-listed Delta International Property Holdings Ltd noted that its market capitalisation stands at USD 97.8 million, at an investors meeting held to declare its annual financial performance for the year ended June 2015.
The company’s objective is to become the leading real estate owner on the African continent outside of South Africa within the next 5 years, focusing on income producing assets with extremely strong counter-parties to ensure consistent growth of shareholder value. The company currently has four properties in Morocco and Mozambique and its targeted jurisdictions for next year are Mauritius and East Africa.
The maiden full year dividend stand at USD 11.28 cents per share with expected increase in distribution for 2016 to be between 3%-5%. In Mauritius, based on shore price and rate of exchange, the dividend yield stand at 8.81%.
The total investment property acquisition amounted to USD 208.8 million with a capital raised of USD 127.1 million. In terms of shareholding pattern, a public investment corporation holds 25.87% of the fund and management owns 7.8%.
The strategy is to leverage on the existing knowledge base and experience in Mozambique and Morocco with asset acquisition in Mauritius, and to grow its portfolio base on quality strong counter-parties in USD based economies.
Accordingly, the company is eyeing strategic partnerships in existing jurisdictions that will secure and strengthen country resources, while growing shareholder value and returns.
The analysis of the property portfolio shows that retail property dominates the sector profile with 60% being in retail and 40% in in offices. In terms of the geographical break-up, Morocco constitutes 52% of the property portfolio, whilst a lower 48% lies in Mozambique but more gross rental is generated from there.
Finally, in terms of future prospects, the company has a pipeline of quality assets identified in Morocco, Mozambique and Mauritius and aims to access international quality and debt capital with the long-term target being an Real Estate Investment Trust (REIT) for economies in East Africa. Also, in line with its core investment strategy, the company wishes to change its name to Delta Africa.
About Delta International Property Holdings Ltd:
It may be noted that Delta International Property Holdings Ltd (‘Delta’) manages a fund with a dual listing in Mauritius and Johannesburg, South Africa.
The company holds a Category One Global Business Licence in Mauritius as from 13 March 2015 and was previously listed on the Bermuda Stock Exchange (BSX).
Delta was initially incorporated in Bermuda on 16 May 2012 as a Bermudian exempted company under the laws of Bermuda and has been operational since 01 June 2012. The company was secondarily listed on the Alternative Exchange (Altx) of the Johannesburg Stock Exchange (JSE) on 20 August 2012.
Subsequently, the company discontinued its listing in Bermuda on 11 March 2015 and was registered the same day in Mauritius as a public company limited by shares.