The Mauritian telecoms company Emtel announced on Wednesday May 15 its intention to list 25% of its capital on the Stock Exchange of Mauritius (SEM). The company has submitted an offering document to this effect both to the Financial Services Commission of Mauritius (FSC) for registration and to the Stock Exchange of Mauritius (SEM) for approval.

“  The objective of the selling shareholders is to bring the company closer to the lives of Mauritians through a listing on the SEM, to further integrate the company into the economy of Mauritius and the surrounding islands and to provide the opportunity Mauritians to participate in the success of Emtel  ,” declared Bashirali Currimjee (photo), president of Emtel.

As part of the transaction, Emtel will put up for sale 113,850,000 common shares. These shares come from Currimjee Jeewanjee and Company Limited (CJ) and Indian Continent Investment Limited (ICIL) who own 75% and 25% of the company respectively. The price and period of the offer, as well as other important information relating thereto, will be included in the prospectus which is expected to be published by Emtel in the coming weeks.

The money raised from this operation could contribute to Emtel’s investments. The company is always looking for better network coverage, quality service supported by advanced broadband technology. In an interview with the economic weekly Business Magazine in April, Kresh Goomany (photo), managing director of the company, said that the latter was investing around 1 billion Mauritian rupees ($21.8 million) in modernizing its offering services and solutions.

Source: Agency EcoFin