MCB Group Ltd has announced the completion of the acquisition of 84,4% stake (47,798,387 ordinary shares) in Compagnie des Villages de Vacances de l’Isle de France Limitée (COVIFRA), which was held by Club Med S.A.S, through MCB REAL ASSETS LTD  (MCBRA), a wholly-owned subsidiary of MCB Group Ltd. The transaction has been effected at a price of MUR 22.50 per share, after foreign exchange and completion adjustments. MCBRA and Club Med S.A.S have agreed that Club Med S.A.S will retain the right to the dividend of MUR 4.70 per share declared by the Company on 25th October 2017. 

This transaction is in line with MCB Group’s initiative of implementing a Real Estate Investment (REI) strategy, whereby MCB Group Ltd, through MCBRA or another subsidiary, will act as seed investor for the acquisition of yielding real estate assets.

 

 

The Board of Directors of MCB Group Ltd has approved the issuance of unsecured notes for a maximum aggregate nominal amount of up to MUR 2 billion. The proceeds of the notes issue will be used by MCB Group Ltd for financing the expansion of its non-banking activities.