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Portfolio - Exited Investments |
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| Hotel Le Recif |
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At the end of 2007, I&P Capital (Indian Ocean) acquired, together with a co-investor, 100% shareholding in the Pointe aux Piments Hotel Ltd,
the company owning and operating the then Colonial Beach Hotel, a small 1 to 2 Star Hotel with 52 rooms, located in Pointe aux Piments, on the
North-West coast of Mauritius.
Following the acquisition, I&P initiated major upgrading and refurbishment work to transform the hotel into a 3 star hotel of 70 rooms with a
full range of improved services (wellness center, water sport center, kids corner, 2 restaurants, etc…). After a refurbishment period of 10
months, the hotel started its operations at the end of October 2008 under the new name "Le Récif". In May 2011, the hotel was sold to a
Mauritian hotel group.
www.lerecif.com |
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| Mauritius Union Assurance |
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Mauritius Union Assurance is a Mauritian insurance company covering all sectors of the insurance
industry but with a clear concentration in the motor insurance business. In April 2009, I&P Capital (II)
acquired a 22.5% shareholding in the company and became its first shareholder. Mauritius Union Assurance
is listed on the Stock Exchange of Mauritius, with a market value of 1,142 million rupees as at date of acquisition (21 April 2009).
At the beginning of 2010, under the impulse of I&P Management, Mauritius Union Assurance acquired La Prudence Mauricienne,
another Mauritian insurance company and became the leader of the general insurance in Mauritius. The market responded
favorably to this strategic move. In April 2010, I&P Management sold its stake to a consortium of Mauritian businessmen.
www.mauritiusunion.com |
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| Orange Madagascar |
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I&P Capital (Indian Ocean) acquired an economic interest of 5% in Orange Madagascar in November 2005. Through several holdings,
I&P Capital controlled a 17% stake in the company and was the main representative of the minority shareholders in the company.
Orange Madagascar operates a cell phone network in Madagascar since 1999. From 2005 to 2010, the company became the market
leader with more than 2 million subscribers (vs 169 000 subscribers in 2005) and about 60% share of the mobile phone market (vs 50% in 2005).
Orange Madagascar has also launched an internet service for both the individual and corporate customers and has developed
a regional cable between the islands to connect Madagascar with the rest of the world.
I&P Capital (Indian Ocean) sold its 5% share in March 2010 to two large Mauritian groups.
www.orange.mg |
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| Expand Technology (Holding) Ltd |
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I&P Capital (Indian Ocean) Ltd acquired 73% of the share capital of Expand Technology Ltd in May 2004.
Based in Mauritius, this company served clients in Mauritius, Madagascar, Kenya, Uganda and other Eastern
African countries as well as European clients in BPO assignments. The company provided turn-key card
management systems and operated card systems on behalf of its clients. Expand is a VAR (Value Added Re-seller)
for Gemalto, the world leader in card systems.
At the time of the exit, Expand had developed an enviable product portfolio which can meet the needs of
different sectors using card systems like petrol stations, banks and credit cards companies, amusement parks,
large retailers and cell phone operators. In three years, Expand had become a reliable and added-value niche
player in a high growth service segment. I&P Capital exited this investment by a trade sale to a large
Mauritian financial group. |
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| Execom Ltd |
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I&P Capital (Indian Ocean) acquired a 55% share in the capital of Execom Ltd in two stages, first in 2003 and then in 2004. Execom operates a call
centre in Mauritius and mainly targets French speaking companies who look for quality outsourcing
capacities. Execom is the result of the merger in 2004 of two call centres namely Prophony and CRM
which were partially owned by I&P Capital (Indian Ocean). Whereas the company had gained a well diversified
portfolio of clients, I&P Capital realised this investment by a trade sale to a large Mauritian group in November 2007. |
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