In a significant transaction for Mauritius' financial sector, Absa Bank (Mauritius) Limited (“Absa Mauritius”) is currently spearheading Emtel Limited's initial public offering (IPO) as the Lead Transaction Advisor, with a target listing date of 5th of July 2024. This pivotal transaction not only underscores Absa Mauritius’ expertise in handling complex financial transactions but also enhances its reputation as a leading capital markets advisor. This landmark IPO marks a new chapter for Absa Mauritius, demonstrating its commitment to excellence and strategic growth through its strong expertise and customer centric approach.
Absa Mauritius: Leading the Emtel IPO
Emtel Limited, a leading company operating in the information and communication technology sector, announced its intention to undertake an IPO of 113,850,000 existing ordinary shares, representing 25% of the company. The prospectus for this offer was published on Wednesday 29th May, with the offer opening on the same day. The IPO will be conducted through a sale by Emtel’s existing shareholders, Currimjee Jeewanjee and Company Limited (CJ) and Indian Continent Investment Limited (ICIL), who collectively own approximately 75% and 25% of Emtel, respectively. Reflecting on this transaction, Aslam Taher, Head of Wholesale Banking at Absa Mauritius stated: "This transaction represents a significant milestone for Absa Mauritius. Being the Lead Transaction Advisor for Emtel's IPO has not only showcased our capability in handling complex financial transactions but also positioned us as a leading advisor in the Mauritian Capital Markets. This experience will shape our future role in similar high-profile transactions, reinforcing our commitment to providing exceptional service and fostering growth for our clients. This transaction demonstrates our commitment to continue our journey as a trusted partner to our clients.”
Expertise and Client-Centric Approach:
Absa Bank (Mauritius) Limited’s (“Absa Mauritius”) role in the Emtel Limited (“Emtel”) IPO highlights its deep expertise and unwavering focus on customer service. The bank’s local knowledge, best-in-class execution expertise, coupled with its pan-African presence, provided Emtel with the guidance and support throughout the IPO process. This collaboration underscores Absa Mauritius’ commitment to delivering the highest level of customer service and ensuring a seamless transaction for its clients.
Additionally, Absa Mauritius, as part of the broader Absa Group, strategically leverages the collective Technology, Media and Telecommunication expertise and Investment Banking resources within the Absa Group. “This advantage allows Absa Mauritius to offer unparalleled advisory services, combining local market knowledge with the extensive capabilities of a pan-African banking group. By tapping into the diverse skill sets and industry insights available across the Absa Group, Absa Mauritius enhances its advisory capabilities and solidifies its position as a trusted partner in the financial sector. This collaborative approach underscores Absa Mauritius' commitment to delivering comprehensive and tailored solutions to its clients, further strengthening its credentials as a leading capital markets advisor.” declares Vincent Chui, Head of Investment Banking at Absa Mauritius.
Innovation and Strategic Growth:
Emtel Limited, established as the first mobile operator in the Southern Hemisphere in 1989, has consistently led in innovative technology solutions in Mauritius and surrounding regions. With milestones such as the launch of 3G, 4G, and 5G networks, and a state-of-the-art data center, Emtel continues to be at the forefront of the Information and Communication Technology sectors. This IPO further integrates Emtel into the Mauritian economy, offering investors a chance to participate in its success.
Commenting on the publication of the prospectus, Mr. Bashirali A. Currimjee, GOSK (Chairman of Emtel) said:
“Over the last 35 years, Emtel has pioneered innovation in the Mauritian Information and Communication Technology (“ICT”) sector and committed itself to connecting Mauritius, Rodrigues and Agalega to the world. The Company’s diversified business model is operated by the strong management team, led by Mr. Kresh Goomany, and its clear strategy for growth and profitability will continue to be supported by its current shareholders, CJ and ICIL. Today, we are proud to present Emtel to the market and give each and every Mauritian an opportunity to participate in Emtel’s future growth and success.”
Strategic Impact for Absa Mauritius:
The ongoing progress of the Emtel IPO aims to firmly position Absa Mauritius as a trusted partner in the Capital Markets in Mauritius. This significant transaction is intended to draw considerable interest from global, regional and local investors, thereby demonstrating Absa Mauritius’ international and pan-African capabilities and enhancing its reputation and credibility. This initiative aligns seamlessly with Absa Mauritius' strategic objectives of broadening its service offerings and strengthening its Corporate and Investment Banking Division franchise.
With a steadfast commitment to delivering exceptional client service and capitalizing on its extensive market insights, Absa Mauritius is primed to guide clients through intricate capital market transactions, ensuring successful outcomes and sustained excellence in the financial sector.
