Alteo acquires effective stake in Transmara

ALTEO issued a Communiqué announcing the completion of the acquisition of an effective stake of 51% in the ordinary share capital of Transmara Sugar Company Limited (TSCL) through its subsidiary company Sucrière des Mascareignes Limited (SML) with ALTEO injecting USD13.2M (Approx. MUR473M) as equity.

Based on its current expansion programme TSCL is expected to reach a capacity of 1,000,000 tons (from currently 600,000 tons) of sugar over the next two to three years. The release of the information had no impact on the share price of ALTEO with no trading activity on the company for the session, contrasting the previous three sessions. ALTEO is thus flat at Rs34, staying firm to its 6-month high.

SEMDEX remains on the downside closing the session at 1,933.17 (-0.3%) with total volume traded (TVT) standing at 3.9m and market value traded (MVT) amounting to Rs16.3m.

Foreign Investors’ (FI) transactions are tepid for the session representing 16.8% of market turnover with the majority of activity on the sell side. FI Sales (FIS) are at Rs5.4m while FI Purchases (FIP) are lower at Rs0.12m. MCBG takes up 52% of FIS followed by SBMH (48%) while on the purchase side, MCBG accounts for 53% for FIP and ENL LAND.O 26%. Source: Bloomberg