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AfricaMoney | June 29, 2017

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Proposed merger between GML Investment Ltd and its subsidiary Ireland Blyth Limited.

Proposed merger between GML Investment Ltd and its subsidiary Ireland Blyth Limited.

GML Investment Ltd. (GMLI) and its subsidiary, Ireland Blyth Limited (IBL) are considering a merger of  activities to enable the two entities to develop strong operational synergies, financial, organizational and strategic combining resources to further develop the activities locally and abroad. The amalgamated entity will be listed on the Stock Exchange of Mauritius.  The amalgamation is still being discussed and action will be taken base on reports produce by independent evaluators.

The Board of GML Investment Ltd. (GMLI) and that of Ireland Blyth Limited (IBL) are considering a merger of the activities of these two entities. It is to be noted that IBL is a subsidiary of GML since 2010.

Arnaud Lagesse, CEO of GML, said “at this stage the amalgamation (” Amalgamation “) with our subsidiary is being discussed and is being investigated by a team set up within the Directorate of the two companies to identify all operational implications, financial and strategic potential of this merger. Independent consultants have been appointed to accompany us for the legal structuring, valuations and transactional processes. ”

Yann Duchesne, the new CEO of IBL, stressed that “a possible merger would enable the two entities to develop strong operational synergies, financial, organizational and strategic combining resources to further develop the activities locally and abroad “.

If the final draft is approved by the respective Boards of Directors of IBL and GMLI in a few months on the basis of reports produced by the independent evaluator, actions will be undertaken to obtain the necessary approvals and permits by competent authorities and the shareholders of both entities. They will be asked to vote at Special Meetings scheduled in May 2016 for an effective date of amalgamation for July 2016.

EY Mauritius was appointed as assessor, BDO Mauritius as Transaction Advisor and ENSafrica as legal.

The proposed amalgamation will involve a series of corporate actions that will require approval by shareholders and the relevant regulatory authorities, where appropriate.

The amalgamated entity will be listed on the Stock Exchange of Mauritius.

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