Author: praveshramsamooj@gmail.com
Phoenix Beverages Group (PBG) has successfully entered the thriving beverage industry in Kenya by acquiring a 28.3% equity stake in the pan-African brand African Originals Ltd (“AOL”). This move exemplifies Phoenix Beverages Group’s dedication to expanding its presence in East Africa and aligns with its vision of becoming a key player in the regional beverage industry. AOL, headquartered in Kenya, specializes in producing gin, cider, and fruit-based beverages. Recognized for its innovative offerings, the company has built a strong reputation in the Kenyan market. Operating under the brand names of Kenyan Originals (KO) and 5.8 in Kenya, AOL boasts a…
On November 22, the Newrest Group inaugurated its catering unit in Mauritius dedicated to the airline sector. This ceremony underscores substantial investments aimed at enhancing working conditions and productivity, while also minimizing the site’s carbon footprint. Since January 2023, Newrest has been operating in Mauritius following the acquisition of EIH Flight Services Ltd, a company owned by EIH Limited (Oberoi). Through this operation, the group offers catering services to airlines, including Air Mauritius. The production unit underwent significant upgrades to align with sector quality standards and meet the expectations of national and international clients regarding food safety. Newrest relies on…
The Virtual Pay Group, a leading provider of payment services and technological solutions worldwide, announces the establishment of its headquarters in Mauritius. This decision marks a significant milestone in the group’s strategy to strengthen its international presence and consolidate its position as a key player in the payment industry. An official launch ceremony took place on Friday, November 17, at the Hennessy Park Hotel in Ebène, in the presence of Dhanesswurnath Thakoor, Chief Executive of the Financial Services Commission (FSC). For the group, the decision to set up its headquarters in Mauritius was motivated by the country’s robust regulatory framework,…
Last February, the IBL Group announced that it was the main investor in a consortium that had signed an agreement to acquire a majority stake from this major medical and pharmaceutical importer-distributor in East Africa. Following legal and regulatory procedures, the completion of this transaction is now done. As a reminder, Proparco, the subsidiary of the French Development Agency (AFD), is the partner of the IBL Group in this consortium for this investment. “Holding a majority stake in such a company underscores our commitment to strategic expansion and our long-term vision for the medical and pharmaceutical sector in East Africa.…
MauBank has announced the appointment of Vishuene Vydelingum as its new Chief Executive Officer, effective from 22 November 2023, and Issa Soormally as Deputy Chief Executive Officer starting 23 November 2023. In the role of Deputy Chief Executive Officer until his nomination, Vishuene Vydelingum brings considerable experience and a track record in the banking field. With a career spanning over 25 years, Vydelingum has held various leadership positions at banks including BNPI, Barclays Bank Mauritius, and Seychelles, serving successively as Dealer, Treasurer, Corporate Banker, Commercial Director, and Head of Business. He has consistently demonstrated vision, strategic acumen, and a passion…
In an interview with Neeraj Umanee, Manager at Swan Securities Ltd, we explore the intricate dynamics of the stock exchange in Mauritius. As we navigate the recent fluctuations and trends within the market, Umanee provides valuable insights into the challenges faced by listed companies, the impact of interest rates on investment decisions, and the evolving landscape for foreign investors. Featured in Investor’s Mag, 26th Edition, Oct – Dec 23 What’s your assessment of the current status of the stock exchange in Mauritius? After the severe drop of 24.3% witnessed in our market’s main Index in 2020, the Mauritian witnessed a…
New accolade for MCB. The bank has indeed been awarded the title of ‘Best Private Bank in Mauritius 2023’ by Professional Wealth Management (PWM) and The Banker, two specialized publications of the Financial Times group. This is the eighth time that MCB has received this distinction, three times consecutively. In its comments, PWM/The Banker highlights how the bank’s Private Banking activities underwent rebranding to become ‘M.’ ‘The new M logo, which has also been awarded, unfolds at the center of a stylized lotus flower. It aims to symbolize the importance of virtuous ecosystems that create value.’ Based on this observation,…
AfrAsia Bank has reported its first-quarter results, disclosing a net profit of MUR 1.7 billion, indicating a 136% increase from the previous year. For the quarter ending on September 30, 2023, the bank attained a net profit after tax of MUR 1.7 billion, showcasing a significant rise of 136% compared to the same period in the preceding year (September 2022: MUR 0.7 billion). This notable increase is attributed to a steady upward trend in yield levels. The increase in the Bank’s NPAT over the period was driven primarily by a considerable increase in net interest income of 95% reaching MUR…
Bank One Limited has once again attained the prestigious title of “Best Mass Affluent Banking Offering” at the 2023 Global Retail Banking Innovation (GRB) Awards, presented by The Digital Banker. This marks the bank’s second victory in this category within three years, building upon our earlier acknowledgment in 2021. The GRB Awards recognize and celebrate financial institutions that combine cutting-edge technology and innovative approaches to provide outstanding experiences, products, and services to their customers. Mark Watkinson, CEO of Bank One, commented on the significance of this title for the bank: “Africa’s population is expected to triple by the end of…
Technology company CSquared today announces new equity investment from both new and existing shareholders to finance its ambitious growth objectives. CSquared was launched as a project within Google in 2011 with the ambition of building metropolitan fibre optic networks in Sub-Saharan Africa as a carrier neutral operator of shared infrastructure. The new investment in CSquared by Convergence Partners Digital Infrastructure Fund (“CPDIF”) and IFC also results in streamlining of CSquared ownership structure. CSquared Link Holdings (Mauritius) Limited (“CSquared” or the “Company”) is a pan-African technology company committed to digitally connecting Africa by making impactful investments in telecommunications infrastructure throughout the…