Corporate News
The Indian Ocean island seized the assets of Dawood Rawat, a Mauritius citizen, in April. PHOTO | FILE
By REUTERS
In Summary
- The country seized the assets of Dawood Rawat, in April after accusing him of running a Ponzi scheme through a Mauritia
- Britam's shares, which were trading at around Sh28 in April before the assets were seized, closed on Wednesday at Sh15.75 ($0.15).
Mauritius has asked a bank in South Africa to help find a buyer for a near 25 per cent stake in Kenya's British-American Investments Co (Britam) which was seized from a disgraced tycoon, the finance minister said on Thursday.
Finance Minister Seetanah Lutchmeenaraidoo told Reuters
that alternatively the stake could be bought by a Mauritian sovereign
fund due to be set up next month if the right price could not be
secured.
The Indian Ocean island seized the assets of Dawood
Rawat, a Mauritius citizen, in April after accusing him of running a
Ponzi scheme through a Mauritian insurer.
"We have given an option to a bank in South Africa
to look for a buyer for the whole lot, ... but at a price that is much
higher than the level today," Lutchmeenaraidoo told Reuters in an interview, without naming the bank.
Britam's shares, which were trading at around Sh28
in April before the assets were seized, closed on Wednesday at Sh15.75
($0.15).
Mauritius aims to raise Sh12 billion ($118 million)
from selling the stake to help repay those who lost money in the Ponzi
scheme, the minister said, adding this would mean securing a price of
about Sh21 a share.
"If this doesn't come ... then the legacy sovereign
fund will buy it," he said, referring to a fund he said would be set up
in November to hold long-term investments.
He did not give further details about the fund
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