MCB Group replaces MCB on the Stock Exchange of Mauritius
The stock exchange listing of the MCBG marks the first step of the restructuring exercise that will lead to the entities of the group being re-organised under three distinct business segments, namely: Banking, Non-Banking Financial and Other Investments. (Image: MCB)
MCB has been replaced by the MCB Group Limited (MCBG) on the official market of the stock exchange yesterday at an indicative price of Rs 215, equivalent to the closing price of MCB shares at its last day of trading on 24 March, 2014.
Further to the official notice dated February 19, 2014, another milestone was reached on April 3, 2014 with the listing of MCB Group Limited on the Stock Exchange of Mauritius (SEM) as the new holding company.
The stock exchange listing of the MCBG marks the first step of the restructuring exercise that will lead to the entities of the group being re-organised under three distinct business segments, namely: Banking, Non-Banking Financial and Other Investments.
The aim of the new structure is to better position the group for the future. Hence, to support its growth ambitions, this restructuring exercise aims at separating its banking and non-banking operations.
MCB Investment Holding, which is a wholly-owned subsidiary of MCB Group Limited, now operates as the intermediate holding company of the group’s banking subsidiaries and associates.
Concerning the unbundling, the MCB Group Limited noted that “the earmarked unbundling of investments in subsidiaries and associates from MCB Limited will be effected in a phased manner.”
Shareholders of MCB exchanged their ordinary shares held in MCB for ordinary shares in MCB Group Limited (MCBG) on a ratio of 1:1.
As from now, all statistics and historical data pertaining to MCB is extended to MCBG to ensure continuity of treatment of relevant market data.
MCBG’s market capitalization is the same as MCB’s market capitalization at market close on March 24, 2014 and MCBG has been included in all SEM indices on its first day of trading on April 03, 2014.
MCBG represents a new security on the SEM and has a new Security Symbol, which is MCBG.N0000, and a new ISIN, which is MU0424N00005.
Besides, the new board of directors of MCBG comprises the following: Gerard Hardy, Sunil Banymandhub, Gilbert Gnany, Navin Hooloomann, Jean Louis Mattei, Jean Pierre Montocchio, Pierre Guy Noel and Margaret Wong Ping Lun.