Mauritius | Finances

May 23, 2012

Assets of Over Rs 110 Billion in the Hands of a Handful of Families

At a time when we talk about the democratization of the economy, it is clear that the economic power of Mauritius is currently still concentrated in a handful of families.

Heirs of the colonizers, these families, whose name, Lagesse Espitalier-Noel, Dalais and Harel, among others, have built over the years of empires that are worth more than a hundred billion rupees. 

Lagesse of GML: Assets of Rs 53.1 billion 

The story of My Pleasure, candy located in north-east, an area of ??650 hectares located in Riviere du Rampart, merges with that of the sugar industry in Mauritius. My SE Leisure Co Ltd was purchased in 1939 at the family Gujadhur, by Joseph Lagesse. 

The latter was able to develop it and put it at the cutting edge in terms of sugar production. After the Second World War, he expanded his business by accompanying the wave of modernization of industry and commerce in Mauritius and lays the foundations for the future My Leisure Group. By the mid-sixties, J. Cyril Lagesse takes over.Entrepreneur like his father, he makes a rationalization of the company. Desmen and Company Ltd. and the Company for Investment and Development Ltd., (CIDL), are then created, and following the merger of these two holdings in 2007, CIDL remained the engine of diversification My Leisure Group. CIDL gradually expand its investments in various growth sectors of Mauritius and the Indian Ocean region, like Madagascar, Mozambique, Reunion, Sri Lanka and the Maldives. 

In 2005, Arnaud Lagesse is appointed Chief Executive Officer and the Group continues to diversify and regional development of GML. Since 2007, Thierry Lagesse replaces Cyril Lagesse as non-executive Chairman. Following its recent practice of 'rebranding', the two Holdings Group, My Leisure Company Limited (MLCL) and CIDL are called now: Ineo GML and GML Ltd. Investment Ltd. respectively. 

Positioned in place of number one ranking in the Top 100 Business Publication and fourth place Regional Special 100 of the Eco Austral, with a turnover in 2010 of Rs 17.7 billion and a profit of nearly Rs 225 million, GML has strengthened its position in 2011 with a turnover of Rs 26.8 billion and a profit of Rs 1.5 billion. 

Direct shareholding of GML 

FUEL: 26.9%, DRBC: 29.8%, Molasses Alcohol & Export Co. Ltd.: 21.5%, MSM: 75.24%, Phoenix Beverage Ltd.: 21.9%, United Basalt Products: 28.3 %, Robert Lemaire: 65, 02%, IBL: 48.89%, Lux Island Resorts: 40.4%, Sun Resorts: 10%, United Investment Ltd.: 21.8%, GML Management: 100%, Abax: 50 % AfrAsia: 40.45%, Valuers and Assessors: 50%, Brokers City: 50%, FTL: 33.35%, Talentaris: 51%. 

Board of Directors of GML 

Thierry Lagesse (Chairman), Jan Boulle, Jacques Giraud, J.Claude Harel, Cyril Lagesse Lagesse John, Robert Lagesse, Anne Rogers, Lagesse Amaury, Arnaud Lagesse Lagesse Benoit, Marc Rogers. 

CIEL Group of Dalais: Assets of nearly Rs 25 billion 

CIEL Group is one of the largest industrial groups and investment based in Mauritius with operations in a number of African and Asian countries. The Group's main activities are sugar, textiles and investment. Today, more than 20,000 people are employed by the Group in the region, including Mauritius, Madagascar, Tanzania and India. 

The Group has three separate entities, namely CIEL Agro-Industry, CIEL Textile and CIEL Investment. CIEL Agro-industry includes all activities related to the sugar group, and more recently has been very active in promoting real estate and tourism development potential of its land assets. CIEL Textile has developed in an area one-stop shop in the textile industry, with business units and a fully vertically integrated production reaching 26 million garments annually. 

With an investment portfolio of EUR 126 million, investment SKY is an investment company with interests in the various targeted segments of the Mauritian economy such as tourism, leisure, financial services , investment, land, health and life sciences. 

Through its holding in particular, Agribusiness Heaven, Heaven Heaven Textile and Investment, the group Heaven is in possession of assets of nearly Rs 25 billion. Rs 11.9 billion in Heaven Agribusiness, Rs 5.8 billion investment in Heaven, and Rs 6.6 billion in Heaven Textile. 

CIEL Group of Companies 

Anahita The Resort, Heaven and Nature Limited, CIEL Properties Ltd, Consolidated Energy Company Limited, Deep River-Beau Champ Limited, Deep River-Beau Champ (Sugar Estate), Domaine de l'Etoile, La Vallée de Ferney, World Tropicals, Azur Financial Services Ltd., Bank One Limited, Camarney, CIEL Capital Limited, CIEL Investment Limited, Execom Ltd., Flagstone Property Management Ltd, Investment Professionals Ltd., MITCO, Noveprim Ltd., Noveprim Europe Ltd Aquarelle Clothing Limited, Consolidated Dyeing and Fabrics Limited, Consolidated Fabrics Limited, CTL Retail Ltd, Ferney Spinning Mills Limited, Floreal Kniwear Ltd., New Island Clothing Ltd., Tropic Knits Limited 

The key men of SKY 

Arnaud Dalais (photo), Chairman, CIEL Group, Jean-Pierre Dalais, Chief Executive Officer, CIEL Investment, Patrick Labauve of Arifat, Chief Executive Officer, CIEL Agro-Industry, Harold Mayer, Chief Executive Officer, CIEL Textile, Jerome of Chateauneuf, Head of Finance, CIEL Group. 

Terra (Old Harel Frères): Assets of Rs 14.4 billion 

Terra, former Harel Frères Limited, a company created in 1960 to collect the assets of the Company Harel Frères, is leading a group whose origins date back to 1838, nearly 175 years. This family company, formed initially between the descendants of Nemours Harel, has evolved over time into a public company, with a number of increasingly important non-family shareholders and has been listed since 1990 on the TSX Port-Louis. 

At that time, she had been classified in the "sugar" in that market. Over the years the group has grown and diversified, and more recently, in connection with its merger with the Mount, has significantly expanded its asset base and its shareholders. Harel Frères is now part of SEM 7, that is to say, the seven largest market capitalizations. In 2010, total assets of Terra amounted to over Rs 14.4 billion, against Rs 9.9 billion in 2009.Properties, plant and equipment worth over Rs 10 billion. 

The Group has three separate entities, namely CIEL Agro-Industry, CIEL Textile and CIEL Investment. CIEL Agro-industry includes all activities related to the sugar group, and more recently has been very active in promoting real estate and tourism development potential of its land assets. CIEL Textile has developed in an area one-stop shop in the textile industry, with business units and a fully vertically integrated production reaching 26 million garments annually. 

With an investment portfolio of EUR 126 million, investment SKY is an investment company with interests in the various targeted segments of the Mauritian economy such as tourism, leisure, financial services , investment, land, health and life sciences. 

Through its holding in particular, Agribusiness Heaven, Heaven Heaven Textile and Investment, the group Heaven is in possession of assets of nearly Rs 25 billion. Rs 11.9 billion in Heaven Agribusiness, Rs 5.8 billion investment in Heaven, and Rs 6.6 billion in Heaven Textile. 

CIEL Group of Companies 

Anahita The Resort, Heaven and Nature Limited, CIEL Properties Ltd, Consolidated Energy Company Limited, Deep River-Beau Champ Limited, Deep River-Beau Champ (Sugar Estate), Domaine de l'Etoile, La Vallée de Ferney, World Tropicals, Azur Financial Services Ltd., Bank One Limited, Camarney, CIEL Capital Limited, CIEL Investment Limited, Execom Ltd., Flagstone Property Management Ltd, Investment Professionals Ltd., MITCO, Noveprim Ltd., Noveprim Europe Ltd Aquarelle Clothing Limited, Consolidated Dyeing and Fabrics Limited, Consolidated Fabrics Limited, CTL Retail Ltd, Ferney Spinning Mills Limited, Floreal Kniwear Ltd., New Island Clothing Ltd., Tropic Knits Limited 

The key men of SKY 

Arnaud Dalais (photo), Chairman, CIEL Group, Jean-Pierre Dalais, Chief Executive Officer, CIEL Investment, Patrick Labauve of Arifat, Chief Executive Officer, CIEL Agro-Industry, Harold Mayer, Chief Executive Officer, CIEL Textile, Jerome of Chateauneuf, Head of Finance, CIEL Group. 

Terra (Old Harel Frères): Assets of Rs 14.4 billion 

Terra, former Harel Frères Limited, a company created in 1960 to collect the assets of the Company Harel Frères, is leading a group whose origins date back to 1838, nearly 175 years. This family company, formed initially between the descendants of Nemours Harel, has evolved over time into a public company, with a number of increasingly important non-family shareholders and has been listed since 1990 on the TSX Port-Louis. 

At that time, she had been classified in the "sugar" in that market. Over the years the group has grown and diversified, and more recently, in connection with its merger with the Mount, has significantly expanded its asset base and its shareholders. Harel Frères is now part of SEM 7, that is to say, the seven largest market capitalizations. In 2010, total assets of Terra amounted to over Rs 14.4 billion, against Rs 9.9 billion in 2009.Properties, plant and equipment worth over Rs 10 billion. 

Restructuring of Harel Frères Terra effect of creating a new holding company that holds only investments that have directly and the clusters of the group. This is also the opportunity to rate the new entity under the heading "Investment" and not "Sugar" to better reflect the diversified group, which no longer limited to sugar. 

Subsidiaries and partnerships 

Terra Milling Company HBM, Ltd. Terragen, Terragen Management Ltd., Coal Terminal Management Ltd, Ivoirel Ltd., SUCRIVOIRE, Terra Bands Ltd, Grays Inc., TerraLogic Ltd, Eco Energy, East Indies Company, Providence Warehouse, The Isle of Chais France Ltd., The Areas of Mauricia, Ltd., Anytime Investment Ltd., New Fabulous Investment Ltd., New Goodwill, Rum Distributors, Distilling Grays, Company Sphinx Gaze, Evapo, Distillery Red Wood, Distillation Society of St. Anthony and Red Wood, Horus Ltd., Alcohol and Molasses Export Ltd., Stewardship Holding Ltd, The Offices Meeting Ltd, Comada, Nemours Foundation Harel, Sugarworld Ltd., Terra Foundation, Terra Services, Company Proban Terrarock, Rehm Grinaker, Sagiterra. 

Board of directors 

Jean Hugues Maigrot, George Dumbell, Maurice de Marassé Enouf, John Fondaumière Dominique de Froberville, Guimbeau Louis, Alexis Harel, Henri Harel, Cyril Mayer (pictured) managing director, Francois Montocchio, Alain Vallet. 

ENL Group Espitalier-Christmas: Assets of Rs 21.9 billion 

ENL was incorporated in 1944 as a holding company to bring together the interests of the family Christmas. Since its inception, the ENL led the group's expansion across different industries. Today, it is positioned as a creator of wealth for the Mauritian economy. 

ENL, which is listed on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius, is involved in five major sectors, agriculture, trade and manufacturing, property development and investment management and dedicated services to businesses. These activities are grouped into five business units. 

Total assets of the Group was Rs 21.9 billion in June 2011. The Group's turnover for the year ended June 2011 was Rs 3.7 billion and earnings per share were Rs 865.53. 

The Directors 

Edward Espitalier-Noel-Eric Espitalier Noel, Noel Gilbert Espitalier, Hector Espitalier-Noel (photo), Jacques-Noel Espitalier, Espitalier-Philippe Noel, Robert Noel Espitalier, Espitalier Roger-Noel, Guy Rivalland, Patrice de Robillard. 

Subsidiaries of ENL 

Grewals Rodrigues Ltd, Helvetia Sports Ltd, International Ltd Valuers, Mon Desert Alma Sugar Milling Company Limited, St. Peter Kendra Limited, The Lanes Shopping Centre Limited On Helvetia, Mall of (Mauritius) Ltd at Bagatelle, Packestate Limited, Pack Plastics Limited , Plastinax Southern Limited, MDA Properties Ltd., Plastintco International Ltd., Agrex Management Limited, Enex (Mauritius) Limited, Enfyn Management Limited, Anthurium and Orchids Limited, Axess Limited, ENL Agri Limited, Limited Bagaprop, ENL Limited Commercial, Bagatelle Hotel Operations Limited , Gibberish Ltd, Cogir Limited ENL House Limited, ENL Foundation, ENL Finance Limited, ENL Investment Limited, EnquicknoxLimited, Espral Ltd, ENL Land Ltd., Espral International Ltd, ENL Portfolio Managers Ltd, ESP Landscapers Ltd, ENL Property Limited, Limited Exotiflors , Enséjour Ltd., Grewals (Mauritius) Limited, Enstyle Management Limited, Grewals Contracting Ltd., Plastinax Madagascar Ltd, Company Meeting, Soled Limited, Rennell Limited, Robin's Nest Interiors (Mauritius) Ltd, The Gardens of Bagatelle Ltd, Savannah Properties Limited, The Old Factory Limited, Savi Shop Ltd., The Savannah Sugar Milling Company Ltd, SB Cattle Ltd., Valetta Locoshed Offices Ltd, Company of Curlew, Versatech Limited. 

Nearly 150,000 acres of land they own 

The private sector would be in possession of almost all the land of the country. The state does have around 10%.The rest is concentrated in a dozen families. In total, these families have some 100,000 acres under cane and 35,000 acres that are hunting, the land surrounding mountains or sea Among the family Lagesse possess more than 15,000 acres under cane cultivation, in Belle- views, using Fuel. The Christmas-Espitalier have just under 15,000 acres. Harel family owns nearly 10,000 acres under cane cultivation. From the Rochecouste have approximately 6000 acres under cane cultivation and Guimbeau, 2000 acres. The other big growers have averaged 140 to 200 acres under cane cultivation, including the family Gujadhur, Prayag, or Chattaroo, among others. 

 

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