Kingdom mulls listing on Mauritius bourse

equity firm.
But the plan would not affect the company’s plans to relist on the ZSE.
The diversified financial services group will seek shareholders’ approval at the extraordinary general meeting to be held next week.
At the same meeting, the financial group will seek shareholder approval to raise US$25 million through a combination of a rights offer, private placement and debt as an alternative capital raising initiative.
Kingdom, in a circular to shareholders, said the targeted private equity firm has some strong investments in Mauritius and South Africa.
Should Kingdom be satisfied, shares to be issued pursuant to the proposed transaction will be distributed to Kingdom shareholders.
Said Kingdom: “In view of the advantages offered by listing the issued shares on any company, the directors are desirous to have the issued shares of the company listed on the stock exchange(s), namely Zimbabwe Stock Exchange, Johannesburg Stock Exchange and SEM.
“While the JSE is bigger and more liquid relative to other African markets, increased capital inflows and economic developments in Mauritius offer a viable option to investors seeking a stable environment.”
Mauritius is striving to diversify its four-pillar economy – sugar, textiles, tourism and financial services – to make it more resilient to shocks.
Its 2010 Budget focused on job creation, social development and the environment.
For 2011, the three main thrusts of the budget are re-balancing growth, boosting productivity and consolidating social justice. The real gross domestic product accelerated by 4,1 percent in 2010, up from 3,1 percent a year earlier but lower than the 5,5 percent in 2008.
The GDP growth is projected to remain around 4 percent this year. However, this will depend on the recovery in the main European trading partners, but could be faster if the country reduces its dependence on exporting to slow-growing traditional markets and charting a new economic model more resilient to future shocks. Projections for next year places economic growth at 4,1 percent.