The Board of Directors of Cim Financial Services Ltd (Cim) announced that the company has reached an agreement to sell its Global Business activities (Cim Global) to SGG Group for approximately MUR 3.2 billion (USD 90.3 million). The sale would represent a profit on disposal of MUR 2.5 billion or MUR 3.60 per share. The transaction is subject to regulatory approval as well as the approval of the shareholders of Cim.
The proceeds of the sale will allow Cim to pursue its growth plans in Mauritius and in the region for its fast growing Finance and Property businesses.
Paul Leech, CEO of Cim Group, commented on the transaction: “The decision to sell Cim Global is timely given the increasing pace of consolidation internationally in the Global Business sector. The business is being sold at an attractive multiple and the cash proceeds will give us the ability to pursue our ambitious development plans in our finance and property businesses.
The arrival of another major international player in the Mauritius Global Business sector represents a major vote of confidence in the attractiveness of the jurisdiction and brings not only a significant piece of FDI to the country but also the opportunity to expand the range of services offered to multinational clients”.
Circular in respect of the proposed disposal of the entire holdings of Cim Financial Services Ltd (the “Issuer” or “CFSL”) in Cim Global Business (“CGB”) to SGG Participations S.A. (the “Buyer” or “SGG”), (the “Transaction”).