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AfricaMoney | September 21, 2017

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Sale of BAI subsidiaries Courts & Iframac & Apollo Bramwell to be finalised by June-end

Sale of BAI subsidiaries Courts & Iframac & Apollo Bramwell to be finalised by June-end

The Mauritian financial sector is still labouring under uncertainty pertaining to the financial scandal in excess of Rs 25 billion involving insurance major BAI and related subsidiaries, of which, the sale of three key entities Iframac Ltd, Courts Mauritius Ltd and Apollo Bramwell Hospital is expected to be finalised by June-end, bringing part of the uncertainty to a close. (Image: )

The sale of Iframac Ltd, Courts Mauritius Ltd and Apollo Bramwell Hospital, which are three key companies of BA Investment Holding, will be finalised by the end of June 2015, according to an announcement made by PwC’s Mushtaq Oosman, special administrator for these BAI subsidiaries.

The date for buyers to show their interest has expired and now the administrators will provide interested parties with the necessary information upon which these parties will communicate their proposals.

The sale proceeds from these companies will generate money to pay off the investors of the Super Cash Back Gold (SCBG), for which, on 11 May 2015, the equity portfolio of the insurer was put on sale on the Stock Exchange of Mauritius (SEM).

David Isaacs, the founder of Courts, which was known as ‘Mammouth’ in his time, has shown interest in purchasing Courts and resuming his old business line.

Courts Asia has also shown interest in acquiring Courts Mauritius. Besides being in Singapore since 1974, Court Asia operates in Malaysia for 28 years, is also present in Indonesia and manages 70 stores in these three markets.

On Wednesday, 20 May 2015, CIEL Limited and The Medical & Surgical Centre Limited have expressed, jointly with Swan General Ltd, their interest in the proposed acquisition of the business of British American Hospitals Enterprise Ltd (Apollo Bramwell), following an invitation by the special administrators of BAI Co (Mtius) Ltd and related entities.

However, it is to be noted that the expression of interest is non-binding and only if it is retained by the special administrators, will the above companies consider making a formal offer, following due diligence processes as well as corporate and regulatory approvals.

It is almost 50 days after the collapse of the BAI that special administrators Mushtaq Oosman and Yogesh Basgeet have managed to close out the deadline for the purchase of these three key BAI entities, with the aim of resumption of these operations.

Moreover, many employees of the above mentioned companies are labouring under uncertainty as there is also the ever-present risk of losing their jobs.

In conclusion, solutions are gradually being found to resolve the financial scandal, but the issue is nowhere near a complete closure yet.

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