Courts Asia Limited (“Courts Asia” / the Company”) has announced that the Company’s bid for the sale of Courts Mauritius has been unsuccessful, despite the Special Administrators informing the Company that it was the preferred bidder, and no other bidder was being considered.
The Company’s discovery of the status of its bid was through an unannounced media conference by the Minister of Financial Services and Corporate Governance of Mauritius on 5 August 2015, which was not attended by the Special Administrators. The Company has yet to receive any formal communication on the outcome of the bid from the Special Administrators or any government body.
Group CEO of Courts Asia, Dr Terence Donald O’Connor, commented: “Needless to say, we are disappointed to have lost this bid and along with it, the opportunity for the Mauritius Courts business to return to the Courts group of companies. Our strategic plan around the Mauritius business was around the most positive outcome for Courts Mauritius employees and the supplier community, and thus to the benefit of all stakeholders.”
The sale of Courts Mauritius was publicly advertised on 13 May 2015, with the Special Administrators issuing the rules for the bidding procedures, and evaluating the bids. The Company has confirmed that it will be pursuing resolution of the case.