Mauritian financial services group, CIM Financial Services Limited (CFSL), has reached an agreement to acquire fellow Mauritius-based Tsusho Capital Limited for an undisclosed fee, subject to various regulatory approvals.
The development was confirmed via a communique sent to the Stock Exchange of Mauritius, and seen by Billionaires.Africa.
CFSL is a non-deposit-taking financial services holding listed on the Stock Exchange of Mauritius. The company provides individuals, small and medium enterprises and corporations with a broad array of financial services, including but not limited to consumer finance, credit cards, forex, leasing and factoring.
It has 100 retail points of sale in the country and operates four major segments, namely: Global Business, Finance, Property and Investments.
Led by Chairman Aisha Cassam Timol, CFSL recently declared an improved net income of MUR 417.1 million ($9.7 million) in its recently concluded full-year results on Sept. 30. Its net income rose by about 119 percent year-on-year from MUR 190.8 million ($4.4 million) declared in the comparable period of last year. Basic earnings per share also reached MUR 0.61 ($0.01) against MUR 0.28 ($0.006) recorded one year ago.
Consequently, the company declared a dividend per share of MUR 0.2 payable on Jan. 14, 2022.
Meanwhile, Tsusho Capital is a Mauritius-based company offering vehicle financing and insurance agency services, duly licensed by the Financial Services Commission since 2009. It is part of CFAO and the Toyota Group.
Billionaires.Africa gathered that the deal is furthers CFSL’s strategy to grow its leasing business and diversify its revenue stream.
This is the second deal in which the company will be involved this month after it purchased a minority stake in FundKiss Technologies Limited.
As of press time, Dec. 16, CFSL’s share price is MUR 9.30 ($0.22).