The Listing Executive Committee of the Stock Exchange of Mauritius has approved the application made by Semaris Ltd for the admission to listing of its 548,982,130 ordinary shares on the Development and Enterprise Market.
Following a proposed capital reduction of New Mauritius Hotels Limited (SEM:NMHL), the shareholders of NMHL will receive one ordinary share of Semaris for each ordinary share held in NMHL. Having considered the discounts applied to the valuation of companies operating in the same line of business as Semaris, the indicative introductory price of the Semaris Shares on the DEM will be MUR4.25 per share. One thousand (1,000) ordinary shares of Semaris will be made available for trading on 11 October 2019.
Semaris is a wholly-owned subsidiary of New Mauritius Hotels Limited. The Company was incorporated on 23 February 2018 as a private company limited by shares and has since been converted into a public company limited by shares on 17 June 2019. The Company will concentrate on the development of the non-hotel real estate assets formerly owned by NMHL (Semaris Assets), with the principal objective of unlocking value from the Semaris Assets, located in Seychelles, Morocco and Mauritius. The Company will develop luxury real estate projects on the Semaris Assets, which will subsequently be sold to generate returns for the Company’s shareholders.
