The shareholders of Omnicane Limited, in a special meeting held on August 4, 2023, have given their endorsement for the acquisition of Omnicane Management & Consultancy Limited (OMCL) and its associated subsidiaries. The acquisition marks a significant milestone for Omnicane Limited and is poised to bring about transformative changes within the organization.
Following a comprehensive corporate restructuring study approved by the Board of Directors on April 17, 2023, the acquisition of OMCL was meticulously considered and ultimately recommended by the Board on June 28, 2023. The acquisition pertains to Omnicane Holdings Limited’s (OHL) entire ownership in OMCL, including OMCL’s subsidiaries: Omnicane Treasury Management Ltd (OTML) and Morningside Hospitality Management Ltd (MHML). Based on BDO’s report, the transaction will be executed for a cash consideration totaling MUR 804.3 million which will be settled in cash.
With this strategic acquisition, Omnicane Limited is poised to become the sole proprietor of OMCL, cementing its control over vital management expertise, treasury activities, and essential support functions. The move is anticipated to play a pivotal role in shaping the future development trajectory of the broader Omnicane Group, ensuring the retention of surplus gains from management contracts and treasury endeavors within the Group.
OMCL and its subsidiaries have proven their mettle, boasting yielded an EBITDA of MUR 80.7 million, coupled with profit after tax of MUR 48.2 million.
Established on September 15, 1926, Omnicane Limited is a prominent public limited liability company headquartered in Mauritius. The company is recognized as a key player in the sugar cane and food crops cultivation sectors, alongside its significant investment activities. The Omnicane Group’s diverse portfolio spans the production of raw and refined sugar, electricity, ethanol, hospitality, property development, and logistics.
Meanwhile, Omnicane Management & Consultancy Limited (OMCL) has carved out its niche as a private company established on April 28, 1971, in Mauritius. OMCL has been dedicated to providing invaluable management and consultancy services to various companies operating within the Omnicane Group. Notably, OMCL derives management fees from these associated entities. Additionally, OMCL exercises its influence through the ownership of subsidiaries such as Omnicane Treasury Management Ltd (OTML) and Morningside Hospitality Management Ltd (MHML). OTML is instrumental in overseeing the management of the Group’s treasury function.. On the other hand, MHML is devoted to providing service support for Airport Hotel Ltd, commonly known as Holiday Inn.