La Sablonniere Limited completed the acquisition of the remaining stake in ENL Limited (MUSE:ENLG.N0000), ENL Commercial Limited and ENL Land Ltd.
January 31, 2018
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La Sablonniere Limited agreed to acquire the remaining stake in ENL Limited (MUSE:ENLG.N0000), ENL Commercial Limited and ENL Land Ltd on July 18, 2018. Under the terms, La Sablonniere will acquire remaining 28.2% of ENL Limited, 48.3% of ENL Commercial and 47.1% of ENL Land. As part of consideration, ENL common shareholders will receive 1.2186 new Ordinary A Shares of La Sablonniere and 1.1617 new Ordinary A Shares of La Sablonniere for each ENL Preference Share. ENL Land shareholders will receive 1.3724 new Ordinary A Shares of La Sablonniere for each ENL Land Ordinary Share. ENL Commercial shareholders will receive 0.6678 new Ordinary A Shares of La Sablonniere for each ENL Commercial Ordinary Share. As a whole, La Sablonniere will issue a total of 375 million new Ordinary A Shares and 700 million Restricted Redeemable Shares. As a result of the transaction, La Sablonniere will be renamed to ENL Limited and will also be listed on SEM’s official list. As a result of the Amalgamation, ENL will cease to exist as a separate legal entity and will be removed from the register of the Registrar of Companies.
The deal is subject to approval by regulatory authorities and Board and shareholders of La Sablonniere, ENL, ENL Land and ENL Commercial respectively. The transaction has been approved by the Board of La Sablonniere, ENL, ENL Land and ENL Commercial. The Listing Executive Committee of the SEM has given its approval for the listing of up to 375 million ordinary A shares of La Sablonniere, as the amalgamated company, on the official market of the SEM, subject to the transaction being approved by the shareholders of all companies. The deal is expected to close on January 1, 2019.
La Sablonniere Limited completed the acquisition of the remaining stake in ENL Limited (MUSE:ENLG.N0000), ENL Commercial Limited and ENL Land Ltd on January 1, 2019.
ENL Limited is a Mauritius-based holding company. The Company is a landowner and is also an investment and management company. The Companyâs segments include Agro-industry, Commerce and industry, Real estate, Land and investments, Hospitality, Logistics, and FinTech. The Land and Investments segment includes landowner, venture capital and business incubator sectors. The Agro-industry segment includes the food crop, services and sugar cane sectors. The Commerce and industry segment includes automotive, industry and manufacturing, and trading and services. The Hospitality segment includes hotels, travel and leisure. The Companyâs subsidiary ENL Re Limited is engaged in the business of investment holding. Its subsidiary, La Place du Village Limited, offers a training institution. Its subsidiary Savannah Land Development Ltd is a land and property developer. Its subsidiary Suntricity Company Limited is engaged in the business of rental of equipment and machinery.