Mauritius’ Rogers Group acquires 76% of management company Consilex Ltd
Rogers Group is focusing on the financial services sector to grow the conglomerate in Mauritius and the region, with special emphasis on catering for the specific needs of local and regional institutional investors and high-net worth individuals. (Image: Accommodation.io)
Mauritius-based conglomerate Rogers Group has acquired 76% of Consilex Ltd, a management company licensed by the island’s Financial Services Commission (FSC) and operating in the Global Services Sector.
The acquisition of Consilex Ltd, according to economic observers, will enable Rogers to consolidate its strong financial standpoint through Rogers Capital Ltd and to develop a synergy with Rogers Asset Management Ltd, to enhance and orient its activities towards the Indian market.
The acquisition of Consilex goes in line with the objective outlined by the Rogers Group in the annual report of Rogers Ltd, “In 2015, the focus will be on asserting the presence of Rogers Capital in the financial services space.”
Moreover, the report states that Rogers Capital Ltd will channel its focus this year towards offshore activities as CIM financial Services, which was an important financial entity of Rogers Ltd, was segregated during the reconstruction exercise of the conglomerate.
The financial activities of Rogers have recorded a profit after taxation of Rs 111 million for the year 2013-2014 compared to the financial year 2012-2013 when the company recorded Rs 70 million. The marked improvement in performance can be attributed mainly to insurance activities, with the active participation of Swan insurance in managing Intendence Holding Limited.
Furthermore, Rogers increased its dividend for the financial year 2012-2013 with the astute management of Anglo-Mauritius Financial Solution Ltd and a stellar performance on the Stock Exchange from a local and international perspective.
However, according the annual financial report of Rogers, the operations of Rogers Asset Management have incurred a deficit of Rs 5 million during the period 2013-2014. Nevertheless, revenue after taxation increased to Rs 3 million in 2013.
In fact, India has been the main source of profitability despite actual performance being below expectations. However, Rogers anticipates a spurt of growth in the Indian economy in 2014 and will take necessary measures to support the Indian market.
According to the Chief Executive Officer (CEO) of Rogers, Philippe Espitalier-Noël, in the annual report of 2013-2014, “New services will be proposed in the Financial Services sector to cater for the specific needs of local and regional institutional investors and high-net worth individuals.”
He also added that the group is going forward with a strategy to cement its position as the top conglomerate in Mauritius and the region, by focusing primarily on financial services.
“The sectors in which the Group is positioned are all key to the future development of the country and the region. We see burgeoning opportunities in the emerging regions of Africa and particularly within the financial services, logistics, property development, technology, tourism and travel sectors,” declared Philippe Espitalier-Noël.
Consilex is a boutique management company, licensed by the Mauritius Financial Services Commission (“FSC”), providing advisory and management services to international businesses and private clients undertaking cross border operations. Consilex is your premier adviser in structuring and administering investment vehicles for fund managers, institutional investors and high net worth individuals. Our objective is to provide an unparalleled level of service to our clients by understanding their requirements, responding promptly to their concerns and providing quality delivery.