What’s next for CIEL after listing on the Stock Exchange of Mauritius?
CIEL Limited is offering up to a maximum of 344,827,586 ordinary shares at an issue price of Rs 5.80 per share, representing up to 22.67% of its capital under a private placement to private investors, open until 30 June 2014. (Image: Cote Nord Magazine)
CIEL, a leading local industrial and investment group in Mauritius which has operations in numerous African and Asian countries, has been rebranded following the amalgamation, on 24 January 2014, of one of its clusters CIEL Investment Limited with Deep River Investment Limited (DRI), where DRI as surviving company, has been renamed CIEL Limited.
After its recent listing on the Stock Exchange of Mauritius, CIEL Limited is offering up to a maximum of 344,827,586 ordinary shares at an issue price of Rs 5.80 per share, representing up to 22.67% of its capital under a private placement to private investors, open until 30 June 2014.
The new shares issued to the private investors will rank in all respect pari passu (with equal rights and obligations) with the current ordinary shares of CIEL Limited.
Finally, the fully paid new shares will be listed on the Official List of the SEM as from 29 April 2014 where the private investors will be locked in for a period of 2 years from the date of investment.
Following its amalgamation, CIEL has been restructured into five business segments: agro & property under Alteo Limited, Ferney Limited and Ebene Skies Limitied; the textile segment under Ciel Textile Limited; Bank One Limited Investment Professionals Limited, MITCO Group, Kibo Capital Partners Limited, Procontact Limited under the financial services while healthcare comprises the Medical & Surgical Centre Limited, Laboratoire International de Bio Analyse Limitée and CIEL East Africa Healthcare Limited.
Since 2009, CIEL has built its know-how and experience through its partnership with Fortis in the management of Fortis Clinique Darné in Mauritius.
Leveraging on this know-how and expertise, CIEL wanted to expand its interests in the healthcare sector in Mauritius and in East Africa by looking at new opportunities in the Indian Ocean and the African continent.
CIEL East Africa Healthcare Limited was thus created, a management and investment company, whose objective will be to obtain management contracts of clinics in East Africa and in the Indian Ocean, where Fortis will strategically accompany CIEL East Africa Healthcare Limited in its African development.
Finally, another business segment for which CIEL is well positioned in the industry is the hospitality sector, under which feature Sun Resorts Limited (SRL), Anahita Residences & Villas Limited and Constance Hotel Services Limited (CHSL).
On 26 March 2014, CIEL has consolidated its investment in SRL through the acquisition of the 10% stake of GML Investissement Limitée.
Besides, CIEL has plans in place to pursue its expansion in the financial services sector, more specifically the banking and private equity sector.
Hence, CIEL Finance Limited picked up 50% stake in Bank One Limited in 2008, in partnership with Kenyan banking institution I&M Bank.
Finally, through its 60% subsidiary in Indian Ocean Financial Holdings Limited, CIEL is also currently in the process of acquiring a 51% controlling stake in the second largest retail bank in Madagascar, BNI Madagascar (BNI).