This follows a restructuring exercise approved by shareholders, regulatory bodies and the Supreme Court. The action group will be introduced at Rs 215, the same level achieved by the MCB at the close of trading on March 24.
Since then, the course of action is suspended MCB in order to prepare the IPO of MCB Group. Meanwhile, shares of the MCB was exchanged against the MCB Group. It marks its IPO by the sale of 5,000 shares today. MCB Group will, moreover, the largest company listed on the Stock Exchange of Mauritius with a market capitalization equivalent to Rs 51.1 billion.
The aim of the restructuring exercise is to better position the MCB Group for future development in separating banking and non-banking. The new structure includes the creation of a publicly traded holding company MCB Group Limited . This new legal entity will oversee all activities of the group. These will be grouped into three distinct segments: Banking , Non-Banking Financia land Other Investments .
The cluster Banking will be managed by a new company, MCB Investment Holding Limited . It will be responsible for banking in Mauritius (collectively Limited MCB ), and abroad through subsidiaries (Seychelles, Madagascar, Mozambique and Maldives) and the French Commercial Banking Indian Ocean. The other two clusters or Non-Banking Financial and Other Investments, report to the MCB Group Limited .
Alongside the restructuring exercise, the MCB Group strengthened with the successful injection of fresh capital. The issuance of Floating Rate Subordinated Notes in July 2013 helped raise Rs 4.5 billion in new capital, which is the highest amount ever achieved by a company listed on the Stock Exchange of Mauritius society.
In October 2013, the MCB received 30 million U.S. dollars (about Rs 900 million) of the African Development Bank in the form of subordinated debt over a period of ten years. The group has managed to get Rs 5.4 billion in fresh capital to propel the new structure.
The new Board of Directors of MCB Group Ltd. , under the chairmanship of Gérard Hardy, will consist of four retiring directors of this board MCB and four new directors. They are: Sunil Banymandhub, Gilbert Gnany, Navin Hoolooman, Jean-Louis Mattei, Jean-Pierre Montocchio, Pierre-Guy Noël and Margaret Wong Pin Lun. As the revamped board MCB, under the chairmanship of Jean Philippe Coulier it will also be composed of eight members, namely: Priscilla Balgobin-Bhoyrul, Jonathan Crichton, Jean-François Desvaux de Marigny, Antony R. Withers, Gilles Gufflet, Iqbal Rajahbalee and Simon-Pierre Rey.
In the same vein, all of the shares of the MCB was transferred to MCB Investment Holding Ltd. , an intermediate holding company 100% owned by MCB Groupet aspiring to hold the banking group's participation. Furthermore, options that employees have to subscribe to shares of MCB under the Employee Share Option Scheme were converted into new options to subscribe for shares of MCB Group .
The next steps in the implementation of the restructuring consist of the " unbundling "of different interests now held by the MCB to its parent or intermediate holding company. This exercise will take place over the coming months and will depend on prior authorizations to be obtained from various regulatory bodies.
Le ministre des Finances, Renganaden Padayachy, a déclaré qu’il compte discuter de l’évolution du taux de change de la roupie avec la Banque de Maurice (BOM). Acculé par le député du MMM, Reza Uteem, il a concédé que depuis 2014, année de l’installation au pouvoir du MSM, la roupie a connu une dépréciation de l’ordre de 40%.
1 year, 1 month ago
Malgré la demande aux consommateurs de ne faire du ‘Panick Buying’, les étales d’huiles des supermarchés sont vides et certains petits commerçants en profitent pour rajouter quelques roupies de plus sur les bouteilles qui restent !
1 year, 2 months ago