IBL Group, a multinational conglomerate run by Mauritian businessman Arnaud Lagesse, is seeking to expand its retail operations beyond its home country of Mauritius, as it continues to exploit its strong financial position to invest in top-performing retail enterprises.
According to a newly issued press statement obtained by Billionaires.Africa, IBL’s board of directors confirmed that the multinational group is considering subscribing to a major stake in the share capital of a retail operator on Reunion Island.
“The Board of Directors of IBL wishes to inform its shareholders and the public in general that the company is considering the subscription of a significant stake in the share capital of a retail operator in Reunion Island, directly or through one of its subsidiaries,” the press statement reads.
IBL further stated that the planned transaction, which is not a notifiable transaction under the Stock Exchange of Mauritius’ listing regulations, is subject to the execution of definitive transaction agreements and the satisfaction of certain criteria.
The proposed transaction comes nearly four months after the Mauritian group under the leadership of Arnaud Lagesse partnered with French financier Proparco and German sovereign wealth fund DEG to acquire a significant stake in Kenya’s leading supermarket chain, Naivas International, in a deal worth Ksh3.7 billion ($31.5 million).
When asked about the acquisition at the time, Lagesse, CEO of IBL Group, stated that it was the highest-value investment made by IBL since its founding more than 190 years ago. “The investment in the retail chain’s owner, Naivas International, is the largest investment in IBL’s history,” he said.
IBL Group is a leading Mauritian conglomerate and one of the island’s largest firms, with more than 200 brands spread over 19 countries.
It has evolved over the past 190 years by anticipating market trends, investing wisely, and surrounding itself with the greatest employees, all while being led by the Lagesse family, which owns a significant portion of the company.
IBL’s directors are Arnaud, Benoit, Hugues, Jean-Pierre, Thierry, and Stephane Lagesse. They are the company’s single largest shareholders, owning a 16.8-percent joint holding in the firm, which translates to 114,369,469 shares, in addition to serving as directors.