Mauritius Stationery Manufacturers sold to La Sentinelle; shares to be delisted
The communique went on to note that the administrator for liquidation proceedings shall make a request to the Stock Exchange of Mauritius (SEM) for the delisting of the share of MSM Ltd in due course. (Image: MSM)
Mauritius Stationery Manufacturers (MSM) recently informed its shareholders vide a communique on the stock exchange that the sale of its business to media group La Sentinelle Ltd was complete.
Putting an end to market speculation on the future owners of the group, the communique read that ‘business activities and the assets of Mauritius Stationery Manufacturers Limited (Under Administration) (MSM) have been sold to La Sentinelle Ltee.’
The announcement went on to state that that amount to be paid to the creditors of MSM has been agreed through a Deed of Companies Arrangement that has been in effect since 28 February 2014.
The communique went on to note that the administrator for liquidation proceedings shall make a request to the Stock Exchange of Mauritius (SEM) for the delisting of the share of MSM Ltd in due course.
It concluded by stating that the public at large would be kept informed of any future development regarding the delisting of shares.
MSM Ltd was placed under administration in November 2013 when various restructuring plans to turn the company around did not have the desired impact.
Michael Chan from Ernst & Young (EY) was placed in charge of MSM’s administration proceedings with the objective of finding solutions to save the company whilst retaining the maximum jobs.