Mauritius realty firm Le Meritt Holdings withdraws from the stock exchange
The SEM noted in a communique that, at the watershed meeting held on October 08, 2014, creditors resolved to appoint André Bonieux ACA of PricewaterhouseCoopers Ltd (PwC) as liquidator of Le Meritt Holdings Ltd pursuant to Section 240(1)(c) of the Insolvency Act 2009. (Image: Le Meritt Elipsis)
Mauritius realty firm, Le Meritt Holdings, which was seen struggling earlier this year before finally declaring bankruptcy, has formally announced its withdrawal from the official market of the stock exchange.
This announcement was made yesterday, October 13, 2014, on the Stock Exchange of Mauritius (SEM). This followed an earlier announcement in July 2014 that the SEM had suspended trading in the Mauritius-based property developer’s shares, and closely on its heels came a communique by the company itself, declaring insolvency.
In response to yesterday`s announcement, the SEM noted in a communique that, at the watershed meeting held on October 08, 2014, creditors resolved to appoint André Bonieux ACA of PricewaterhouseCoopers Ltd (PwC) as liquidator of Le Meritt Holdings Ltd pursuant to Section 240(1)(c) of the Insolvency Act 2009.
Consequently, pursuant to Listing Rules 3.9(d) and 3.9(e), and with the approval of the Listing Executive Committee, the SEM has decided to withdraw Le Meritt Holdings Ltd from the Official List of the SEM after market close of 13 October 2014.
In the first quarter of 2014, Le Meritt Holdings Ltd achieved a turnover of Rs 137.68 million and profits of Rs 1.07 million, while in the 9 month period ending March 31, turnover amounted to Rs 207.72 million and profits to Rs 5.26 million.
However, a sharp drop was recorded in the quarter’s turnover and profits from the corresponding quarter last year, when revenue of Rs 145.34 million and profits of Rs 50.14 million were achieved..
Further, Le Meritt Holdings is currently studying the possibility of offering asset management services to investors and buyers to provide reliable financial investment, ensuring not only a capital gain but also a steady stream of income on investment.