ENL Takes Control of the Conglomerate Rogers

Following discussions, an agreement was signed between the partners. The restructuring plan will be initiated in the coming months. It consists in distributing the assets of Rogers & Co Ltd and IMC Financial Services Ltd. (CIM). With this restructuring, ENL take control of the Rogers Group in the future. 

ENL group will strengthen its position further and to become the group's most powerful countries. He will now have 60% ??stake in Rogers & Co Ltd, which will however remain active in the field of hospitality, tourism, aviation, logistics, real estate, financial interests throughout the Group and Swan the agricultural sector.

Led by the Taylor family, Elgin will hold the part of CIM clusters, transactions related to real estate, credit, Global Business and maintain its investment in Lafarge Cement (Mauritius) Ltd and the Mediterranean Shipping Co (Mauritius) Ltd. It is envisaged that in future ICD is publicly traded, specifically around October this year.

Shareholders can expect Rogers and a redistribution of their shares through dividends.

" Our partnership with Elgin has successfully steered Rogers through years of prosperity. However, it is now time for each of us to take our destinies in our hands. The years ahead are quite challenging and we must both be free to engage them according to our own convictions and values", explains Hector Espitalier-Christmas, Group CEO, in a document released after the agreement was concluded. He also pointed out that the interest of small shareholders group will be saved. 

" The reorganization of Rogers in two distinct companies no doubt unlocks shareholder value as demonstrated by the significant appreciation of respective share prices when we first announced our plans. The new structures are also expected to gain in efficiency as they will be able to operate with more focus, "says he in the same document. 

ENL is one of the largest landowners in Mauritius. He is already engaged in agribusiness, construction of luxury offices, shopping centers and residential properties. The Rogers Group also has major interests in Case Noyale Estates and Foresite and Ascencia. This deal will strengthen the position of ENL in agribusiness and development properties. It also positions ENL as one of the big players in the field of hospitality and tourism interests in particular Veranda Group of Hotels, Domaine de Bel Ombre in the tour operators such as Sky Blue, Mautourco and White Palm. 

So, ENL becomes major shareholder with 20% equity in New Mauritius Hotels and a major shareholder in Air Mauritius. 

ENL welcomes the deal with the Rogers Group. " This has been an opportunity for ENL to access a wide range of premium assets at competitive prices. Such opportunities do not come frequently and we are confident that the assets we’ve acquired will realize their full potential for cash generation in the short term "he says. 

He must conclude by saying that he believes the industry Mauritian tourist even though she is going through times of difficulty.