Mauritius News

Mara Delta acquires Mall de Tete in Mozambique

Bronwyn Corbett, CEO of Grit.
Bronwyn Corbett, CEO of Grit.

Shareholders are advised that on 6 December 2016, Mara Delta, through its wholly-owned subsidiary Delta International Mauritius Limited, entered into a share sale and purchase agreement with, inter alia, Sericea Holdings Limited and Transformers Investment Limited (collectively referred to as “the Sellers”), in terms of which Mara Delta will purchase 100% of the issued share capital of Gerania Limited held by the Sellers.

Gerania holds 99.9% of the issued ordinary share capital of Mall de Tete Limitada, which, in turn, has the right of use and development of a property in Tete, Mozambique on which the retail shopping centre, known as Mall de Tete, is located.

Mall de Tete, which has been developed by McCormick Property Development officially opened on 1 December 2016. McCormick Property has pioneered the development of retail centres within the “emerging market” of South Africa since its inception in 1983 and more recently in Southern Africa. Mall de Tete is its 59th successfully completed development.

The remaining 0.1% of the issued ordinary share capital of Propco is owned by local minority shareholders who will dispose of their shareholding to Commotor Limitada, an indirectly wholly-
owned subsidiary of Mara Delta, at a nominal price, upon conclusion of the acquisition.

Commotor has advanced a loan in the amount of USD 575,300 to Propco on 4 August 2016, which loan plus accrued interest thereon is refundable or convertible upon conclusion of the acquisition.

Read more here: SENS: Mara Delta Property Holdings Limited_20161207_s379539