CAUTIONARY ANNOUNCEMENT
A Cautionary Announcement was issued on 15 May 2014 announcing the intention of the
State Bank of Mauritius Ltd (SBM) to separate its banking from its non banking operations
as directed by the Bank of Mauritius and in line with best international practices as well as
the approval by the Board of Directors to reorganise the SBM Group under S32A of the
Banking Act (as amended).
The Board of Directors of State Bank of Mauritius Ltd at its meeting held on 14th August
2014 has approved to proceed with the application to the Bank of Mauritius to obtain their
approval for the “Restructure Exercise”.
As part of the above “Restructure Exercise”, all existing shareholders of SBM will become
shareholders of SBM Holdings Ltd [SBMH] which will become the lead holding company of
the group on the appointed date*, upon approval by the relevant regulators. Existing
shareholders of SBM who will become shareholders of SBMH, will now hold through SBMH
the same pool of assets, liabilities and underlying interest in the Group in the same number
and proportion as prior to the Restructure Exercise. All Class A and B Series quoted bonds
will be transferred to SBMH hence, bondholders of SBM will become bondholders of SBMH.
As a consequence of the above exercise, SBMH will then become the Group’s holding
company. All the assets of SBM Holdings Ltd will then be classified under three distinct
segments, namely “Bank”, “Non-Bank Financial” and “Non Financial” investments and SBM
will become a subsidiary of SBMH.
Upon approval from the Bank of Mauritius of the Restructure Exercise, on the appointed
date, shares and bonds of SBMH will be admitted to listing on the Official Market of the
Stock Exchange of Mauritius Ltd (SEM), while both the shares and bonds of SBM will be
withdrawn from the Official Market.
The above proposals are subject to approvals by the regulatory authorities and further
information will be made public in due course.
Shareholders of State Bank of Mauritius Ltd and the public at large are advised to exercise
caution when dealing in the shares of State Bank of Mauritius Ltd.
*The appointed date will be communicated when fixed by the Bank of Mauritius.
By order of the Board
State Bank of Mauritius Ltd
14 August 2014
The communiqué is issued pursuant to Listing Rule 11.3.
The Board of Directors of The State Bank of Mauritius Ltd accepts full responsibility for the
accuracy of the information contained in this communiqué."