19 May 2017
CIEL Group undertaking two major transactions in the Textile and Hotels & Resorts clusters
CIEL Group has recently launched two significant strategic transactions:
- A voluntary offer from CIEL to acquire all the ordinary shares of CIEL Textile Limited (‘CTL’) not already held by CIEL – CIEL being the existing majority shareholder with 56.31%, and
- A 1.865 billion capital injection in SUN Limited (“SUN”) through a Rights Issue of MUR746.1 million and a private placement for an amount of MUR1.12 billion to a subsidiary of Dentressangle Initiatives SAS.
These transactions have been designed to reinforce on the one hand CIEL’s position in CTL, a company that has a proven track record of sustainable growth and on the other hand, reduce the debt level of SUN, thus facilitating the company’s return to profitability and further development.
Both transactions are subject to regulatory approvals and will go through the required steps before being finalized in July/August 2017.
You can read more in the following press releases: