Compagnie Immobilière Limitée signed an agreement to acquire Multi Channel Retail Limited for approximately MUR 400 million on October 19, 2022. The Purchase Consideration will be settled by way of the Consideration Issue, i.e. through the issue of 577,847 new Ordinary Shares of CIL to CRE at a price of MUR 1,233.51 per share. Issue of new Ordinary Shares of CIL as settlement for the Transaction and the Split of the Ordinary Shares of CIL in the ratio of 50 Ordinary Shares for every 1 Ordinary Share held.

Relevant agreements to give effect to the Acquisition will be executed between CIL and CRE subject to receipt of all requisite regulatory approvals and approval from the bondholders of Currimjee Jeewanjee and Company Limited. As of November 25, 2022, Compagnie Immobilière Limitée shareholders have approved the transaction. The Board also approved the acquisition of the MCR shares on 18 October 2022, and is of the view that the transaction, and the whole restructuring exercise are fair to the shareholders of the Company.

As of November 10,2023, The Board of Directors of Compagnie Immobilière Limitée approved this transaction. Multi Channel Retail Limited generated the profit after tax of MUR 54.4 million for the year ended 2022.