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.
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 strategy, whereby MCB Group Ltd, through MCBRA or another subsidiary, will act as seed investor for the acquisition of yielding real estate assets.
The Real Estate Investment strategy will initially be focused on acquiring and prime income generating real estate assets in Mauritius. These assets are expected to be held through dedicated investment vehicles in which investors will be given the opportunity to invest. From a Group standpoint this activity will contribute to diversifying its non-banking revenues.