Emtel Announces IPO of 25% Shares for Public Listing on SEM

Emtel Limited (“Emtel” or the “Company”) has announced its intention to undertake an initial public offering (IPO) of 113,850,000 existing ordinary shares, representing 25% of the Company. This offering will be facilitated by the Company’s primary shareholders, Currimjee Jeewanjee and Company Limited (CJ) and Indian Continent Investment Limited (ICIL), who currently own approximately 75% and 25% of Emtel, respectively.

The IPO, conducted through an offer for sale by the existing shareholders, will not result in new shares being issued but will involve the sale of existing shares. The proceeds from the sale, after deducting related expenses, will go to the selling shareholders, CJ and ICIL.

Emtel has submitted an offer document (“Prospectus”) to the Financial Services Commission of Mauritius (FSC) for registration and to the Stock Exchange of Mauritius (SEM) for approval. Following the completion of the IPO, the Company plans to list its entire share capital on the Official List of the SEM, pending approval.