The Mauritius Chemical and Fertilizer Industry Limited (MUSE:MCFI.N0000) made an intention to acquire Bychemex Limited (MUSE:BYCH.I0000) from Harel Mallac & Co. Ltd. (MUSE:HML.N0000) and others for MUR 35.2 million on September 26, 2018. As per the firm intention's notification submitted by the board of The Mauritius Chemical and Fertilizer Industry Limited (MCFI) to the board of Bychemex Limited (Bychemex) on September 26, 2018, MCFI intend to acquire all the 5 million ordinary shares of Bychemex at MUR 7.03 per share payable in cash. Simultaneously in a related transaction, MCFI also submitted a firm intention to acquire remaining 93.47% stake in Chemco Limited (MUSE:CHEM.I0000) at an offer of MUR 22.59 per share. As per Rule 4.6 of the Trading Procedures of The Stock Exchange of Mauritius Ltd, the offer per share is adjusted in the circular by one tick for both the transactions. Before the transaction, MCFI held no shares in Bychemex while Harel Mallac & Co. Ltd. (Harel Mallac) held 44.91% stake in Bychemex. MCFI board confirmed that the company has sufficient financial resources to satisfy the offer and committed to use bank borrowings to fund the transaction. MCFI intends to delist Bychemex.

The offer is subject to the prior approval of the Financial Services Commission and guidance by the Competition Commission of Mauritius. The offer is also conditional upon the approval by the shareholders of MCFI, special meeting for which is scheduled on January 22, 2019. As on January 29, 2019, the approval from the shareholders of MCFI was received. PricewaterhouseCoopers and Deloitte Mauritius acted as independent valuers appointed by the board of MCFI in determining the offer price.

The Mauritius Chemical and Fertilizer Industry Limited (MUSE:MCFI.N0000) completed the acquisition of Bychemex Limited (MUSE:BYCH.I0000) from Harel Mallac & Co. Ltd. (MUSE:HML.N0000) and others on June 10, 2019.