What’s cooking?

Monday 10th June 2019 , as the country would be focusing on its balance sheet and outlines of the economy, the board of Air Mauritius would be convening an Extraordinary General Meeting of Shareholders, called upon to adopt 3 ordinary resolutions, namely :

Resolution 1
Resolved that the issue of 27 000 000 fully paid-up ordinary shares at Rs 15 per share to Airports of Mauritius Co Ltd ( AML) in order to acquire 200 000 shares of Mauritius Duty Free Paradise Co Ltd (MDFP) from the shareholding of AML held in MDF for a total consideration of Rs 405 000 000 be hereby approved

Resolution 2
Resolved that the increase of the share capital of Air Mauritius Limited from Rs 2 000 000 000 to Rs 2 500 000 000 by the creation of 50 000 000 non- voting convertible and redeemable preference shares of Rs 10 each and which shall be issued and allotted to Airports of Mauritius Co Ltd ( AML) be hereby approved

Resolution 3
Resolved that the disposal of 342 732 shares held by Air Mauritius in Pointe Coton Resort Hotel Co Ltd ( PCH) to Airports of Mauritius Co Ltd for a consideration of Rs 111 336 458 be hereby approved.

The meeting to be held at the remote Hotel of Holiday Inn, Mon Tresor, Plaine Magnien is seen by few minority shareholders as a tainted exercise with obscure motives. They allege, the foolishness of Mr Ken Arian, Senior Adviser to the Prime Minister and current Chairman of AML is taxiing Air Mauritius onto the tarmac to nowhere.

Cadres from lower management at Air Mauritius have expressed serious concerns as to the ability of its decision makers to steer the company out of the storm stagnating over the Paille en Queue Court, since a while now. In the words of a seasoned trade unionist ‘ Never before has there been so many cooks in the kitchen. Yet none can see the broth has burnt down completely’.

Capital Media

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