Air Mauritius Extraordinary General Meeting of Shareholders of 10 June 2019

Air Mauritius held an Extraordinary General Meeting of Shareholders, at the Holiday Inn hotel, Plaine Magnien, under the chairmanship of Mr Yoosuf Muhammad Salemohamed.

Three resolutions were voted to enable:
1) The acquisition of 20% shares (200,000 shares) in Mauritius Duty Free Paradise Co Ltd (MDFP) from Airports of Mauritius Limited (AML). To complete the transaction, Air Mauritius will provide a total consideration of Rs 405 million, representing the transfer of 27 million ordinary shares of Air Mauritius Ltd to AML.
2) The sale of 50 million non-voting convertible and redeemable preference shares to AML for Rs 500 million. This will increase the Share Capital of Air Mauritius from Rs 2 billion to Rs 2.5 billion.
3) The sale of 342,732 shares held by Air Mauritius Ltd in Pointe Coton Resort Hotel Co Ltd (PCH) to AML for a consideration of Rs 111,336,458.

As advised the company is engaged in a major fleet renewal plan and requires strengthening of its capital structure and cash flow. These resolutions are the first steps taken to restructure the airline and ensure its long term sustainability.

The actions also support a more equitable integration of the National airline of Mauritius within the country’s aviation eco-system, taking into consideration the important contributions it makes to the national economy.

Reasonable time was allocated for shareholder questions and clarifications about the resolutions.