“It is diversifying from its core cane activities and this could reduce its volatility of earnings going forward,” Imrith Ramtohul, a senior investment manager at Mauritius Union Assurance, said.
Harel Freres Ltd. rose the most in 11 weeks after saying it raised its stake in the holding company that oversees Swan Group, which has stakes in insurance companies. Swan Group also has an interest in Anglo-Mauritius Assurance Society Ltd.
Harel Frères is positioned as a major sugar companies in Mauritius cultivating some 6000 hectares of land in the northern part of the island (a total of 7,000 hectares belonging to the group). It has gradually diversified its activities from a company primarily focused on the manufacture of sugar at a conglomerate with interests in energy production and alcohol, commercial distribution, property development, construction and financial services . The group has also invested in Africa, being present in Ivory Coast due to its investment in two sugar factories, as well as Madagascar, where he acquired a minority stake in Orange Madagascar. In addition, through Grays Inc.. Ltd., one of its subsidiaries, is active in commercial distribution and distillation of alcohol.