Investor's Mag

23/12/2025

Investor’s Mag — 34th Edition | Where strategy meets 2026
Clarity, capital discipline and conviction shape this new edition of , as , and set out how they are positioning —and the wider region—for the next phase of growth.

Gilbert Espitalier-Noël, Chief Executive of ER Group, unpacks how the ENL–Rogers merger has reshaped the group by creating “a single view of capital, talent and risk”—accelerating decisions and sharpening cash-flow oversight across seven segments. Looking to FY2026, he highlights as the most resilient pillar, with ER Hospitality and Beachcomber together accounting for around 20% of Mauritius’ room capacity, while Ascencia and Oficea continue to deliver recurring income. For investors, the signals to watch by June 2026: operating cash flow, EBITDA margin and return on invested capital, against a backdrop of shifting global travel trends, fiscal reforms and automotive market adjustments.

Inside the 34th Edition:
Cédrik Le Juge de Segrais, IBL Together – USD 380 million invested across the region over the past four to five years
Oskar Benedikt, Ambassador of the European Union to the Republic of Mauritius – EU backing Mauritius’ AML agenda ahead of the 2028 review
Nicolas Leong, Wärtsilä Energy – Why fundamentals must precede higher green targets

&
Stéphane Chasteau de Balyon, Axess – Customer experience is now a core strategic driver
Rudi Clarke, C-Care – Mauritius’ potential as a regional hub for world-class
Dr Karishma Babajee, ProSkin by KB – 2026 focus on injectables and energy-based technologies
Andy Leong Son, ABC Banking – Corporate and HNW clients to take a more proactive approach to risk
Jimmy Wong, DTOS Group – -bound capital set to keep rising in 2026
Constantin de Grivel, Boma Conseil – Strong pipeline for capital raising, reorganisations, refinancing and selective M&A
Alexandre Sanchini, Blue Ship Capital – Why Mauritius’ path is the right one
SICOM – Outlook 2026: growth holds, margins remain under pressure
Alex Tsepaev, Chief Strategy Officer, B2PRIME Group – Three market trends accelerating into 2026
Drudeisha Madhub, Data Protection Commissioner – Board-level data means accountability and oversight
Dany Blackburn, EO Solutions – Integrated workflows targeted by 2026
Jean Eric Wong Cheong, Entrepreneur & Ecosystem Strategist – EcoVilaz moves from proof of concept to scale

Creatives & Leadership
Greg Charoux, Circus Advertising – “Stay hungry” as the agency expands beyond Mauritius
River Nelson-Esch, Monday Friday Ltd – Perception behaves like physics in markets
Salman Sooltangos, Redefine Interiors – Value is lost through inefficiency, not aesthetics
Anousha Mohon, Relationship Coach – -enabled efficiency to drive the strongest gains ahead

🎄✨ As we close the year, we wish all our readers, partners and contributors a and a . May 2026 bring clarity, resilience and bold opportunities.

📘 Investor’s Mag — 34th Edition. Read the signals shaping what comes next.

Clarity, capital discipline and conviction shape this new edition of Investor’s Mag, as business leaders, policymakers and innovators set out how they are positioning Mauritius—and the wider region—for the next phase of growth.

19/12/2025

Vision 2050 Consultations Launched, First National Round Set for January

The has opened consultations on , framing it as a long-awaited effort to articulate a clear, ambitious and credible long-term pathway for the country.
Addressing stakeholders, Navin Chandra Ramgoolam said the initiative responds to sustained public demand for direction beyond electoral cycles — a response to years where, in his words, short-term political calculations overshadowed long-term development. “We’re paying the price today,” he noted, positioning Vision 2050 as a decisive pivot.
Crucially, the Prime Minister stressed that the process goes beyond technical planning. “Vision 2050 is not a passive forecast,” he said. “It is an active manifesto — a call to imagine the country we wish to build and pass on to future generations.” The message: long-term resilience, shared prosperity and fairness must once again anchor national decision-making.

Spotlight
Domestic companies up 5.4% YTD as GBC count slips 2.4%
Direct stocks remained above US$330bn in 2024 as assets rose 7%
Industrial Output Index climbs in Q3 as manufacturing gains offset water-sector dip
Rate Index rises to 133.1 in Q3, led by private-sector pay
IBL Together weighs FinHold reorganisation for AfrAsia Bank, DTOS Group and Eagle Insurance stakes
Omnicane completes SPICE Finance acquisition after regulatory clearances
The Lux Collective accelerates global with new openings and lodge project
Stewards Investment Capital names Suneeta Motala Deputy CEO in expansion push Stewards Financial Services
The Quiet Machinery Behind Cross-Border Wealth
Lavastone up 38% on higher rentals and lower and costs
Terra profit down 48% in nine months as cane swings to loss
Evaco Group profit rises on investment- revaluation despite revenue slump
Tis the Season: A Reminder on , & — by Mridula Chooromoney, Head of Risk & Compliance, Safyr Utilis

The Government has opened consultations on Vision 2050, framing it as a long-awaited effort to articulate a clear, ambitious and credible long-term pathway for the country.

19/12/2025

Avnish Rogbeer, Head of and Management – at Absa Bank Mauritius , says 2025 is shaping up as a year of selective redeployment, not passive build-up. He notes that with higher risk appetites are edging back into , regulated gaming and broad . indices, seeing long-term potential despite short-term volatility. He describes as an investor-friendly wealth hub that offers international clients tailored access to ’s long-term growth and helps attract and retain high-net-worth individuals. He adds that has moved from niche to structural. For agile, well-regulated such as Mauritius, this shift creates room to lead.

Discover the full interview in the 33rd Edition of Investor’s Mag
https://bit.ly/4529XnM

19/12/2025

Sapna Kissoondoyal is a , and who turned a childhood habit of making things by hand into a full-time practice. A scholarship to Curtin University and a decade in graphic and web design sharpened her craft; a 2019 commission nudged her to share work publicly and commit to art. Her signature blends vibrant colour with bold black lines, and doodles to create pieces meant to calm, connect and energise. She tailors large-scale murals for , and private spaces—including work for and multinationals—balancing brand needs with her voice. Now, through Sapna Gallery, she mentors young creatives and builds projects that bridge Mauritius and the world.

As featured in Investor’s Mag – Edition 33
https://bit.ly/3MDpbJD

18/12/2025

Close your eyes and picture what “ ” evokes: exclusivity, quiet elegance, and an aura of enduring privilege. A world so refined that, even if it’s not your lifestyle today, it often becomes something to aspire to. But none of this is possible if simply sits still. doesn’t grow on its own — not in today’s world. It requires informed risk-taking, smart allocation, and purposeful . The role of the private has evolved far beyond answering calls or processing transfers. While service remains at the core, the true craft now happens behind the scenes — investment insight, management, , wealth and planning, and multi-jurisdictional structuring.

This is exactly where M by MCB Private Banking stands — combining sophistication with strategy to help clients build, protect, and shape long-term wealth.

Tap into the full story – only in Investor’s Mag #33
https://bit.ly/3MV7ghC

18/12/2025

Céline Guillot-Sestier, Chief Communication Executive of ER Group describes the launch as an integration exercise, not a cosmetic change. The brief, she says, was to keep ENL and Rogers on equal footing, agree on a single purpose, and give seven clusters a system they can use. Implementation centred on governance and training, including an internal “Ignite” exhibition ahead of the public rollout. She points to three yardsticks—awareness, correct application, and cross-cluster adoption—and shares on main points to navigate from naming adoptionto timelines. In this interview, she sets out the approach, the trade-offs, and the tests that will show whether the is working.

Full interview in Issue 33
https://bit.ly/4q2SjIO

17/12/2025

Abrar Anwar, Chairperson of the Mauritius Bankers Association Limited, frames as the engine of the IFC—directly contributing roughly the same as and anchored by a mix of global, regional and domestic players. He points to high standards through correspondent and an -grade position that supports -facing , while warning that rising operating, and costs must be managed to stay competitive. On , broad mobile uptake now needs stronger rails—digital KYC/biometrics and public education—to curb phishing. On , banks are advancing green taxonomies, pipelines and roadmaps. The MBA’s agenda: competitiveness, a “Future of Banking” blueprint with the BoM, talent, and scalable green finance.

More insights in the full interview, featured in Edition 33 of Investor’s Mag.
https://bit.ly/3XKswcp

17/12/2025

Vincent Montocchio, Managing Director of Circus Advertising, looks back on the brief to fuse ENL and Rogers into ER Group. For him, starts long before : understand people, listen across the organisation, and align on a common purpose. For ER Group, that purpose crystallised as a shared promise—“Ignite Tomorrow.” The name and visual system are only the surface. “It was a strategic challenge rather than a creative one,” he says. To keep the line clear and the story intact, he walled off a small creative team for six months—“a bubble of confidentiality”—until the system held. The aim is simple and demanding: make a new group feel legible, forward-looking, and genuinely shared.

Featured in Investor’s Mag, Edition No. 33 – full interview inside
https://bit.ly/44mT1bD

16/12/2025

Jeff Gable, Absa Group’s chief , says the next 12–18 months in will hinge on rules, commodity prices and —with strained public the binding constraint as debt service crowds out . He argues AfCFTA’s gains will materialize only if border procedures are harmonised and distortions—such as cheap used-car imports—are addressed. Despite near-term volatility, he expects growth to outpace the global average over the medium term, led by , with openings in critical , , and mass-market consumer demand. In this interview, he maps the risks—and the policy choices that matter.

Read it all in Investor’s Mag 33
https://bit.ly/4a4UaYW

16/12/2025

Rwanda is LFL’s first continental foothold—and a test case for whether a proximity model built around feed shops, technical support, and data-driven farm management can lift productivity at scale. In this conversation, Fabrice Zarour explains why the company moved in—solid raw-material access, improving , and an -friendly policy frame—and what ultimately convinced the team on the ground: eager to professionalise. He outlines how LFL targets bottlenecks behind the government’s push to raise milk-powder output, from and consistent feeding to basic record-keeping, while partnering with RICA and processors such as Inyange. Midway to its national availability target but already at full-year sales volumes, LFL faces a capacity constraint even as it prepares to extend franchises and resellers—then scale across the EAC by linking maize and soy to a regional distribution platform.

Read the full interview in the 33rd Edition of Investor’s Mag
https://bit.ly/investors-mag-33rd-edition13

12/12/2025

Africa Dealmaking 2025: South Africa and Mauritius Take the Lead as Continental M&A Slows
’s dealmaking landscape is showing contrasting signals. While headline M&A and private-equity discussions are returning, overall activity on the continent has softened. New figures reveal a 24% drop in deal value and a 46% decline in transactions in the first nine months of 2025 — even as global M&A rose by about 10% over the same period.
Within this subdued environment, stands out thanks to a proposed mega-merger in mining, while has emerged as the top destination for private-equity deal value (excluding South Africa), despite a limited number of transactions.

Spotlight Highlights
PM says ‘ is now more Stable’ even as MERI Indices show 1.5% effective depreciation in a year
arrivals up 3.8% in the first 11 months of 2025
. raises travel advisory as crime statistics paint a mixed picture
edges up to 4% in November as core pressures rise
PhoenixBev Beverages increases its stake in ’s African Originals with a $1M injection
AMM backs Roadmap, citing food-safety constraints behind moratorium extension
Mauritius Telecom announces Rs 20B plan, positioning the country as an Asia-Africa gateway
Aspen Global Incorporated CEO highlights major opportunities as Africa expands its capacity
PropertyCloud.mu unveils 2025 Award Winners; Housing Minister calls for stronger PPP solutions
Greg Owen wins the MCB Legends tournament as Hend secures the Legends Tour crown
Monoprix returns with the Monop’ convenience concept via Groupe Aldis
Cross-border structuring becomes 2025’s quietest risk trade

Africa’s dealmaking landscape is showing contrasting signals. While headline M&A and private-equity discussions are returning, overall activity on the continent has softened. New figures reveal a 24% drop in deal value and a 46% decline in transactions in the first nine months of 2025 — even as ...

05/12/2025

Mauritius Targets Licensing Bottlenecks as Global Business Pressures Mount
The government is moving to clear licensing backlogs and ease operational frictions in the sector — now a critical engine for , jobs and foreign-currency earnings.
Latest disclosures in Parliament and official reports signal that delays at the FSC are putting pressure on a sector carrying outsized economic weight, sharpening the stakes for reforms under the 2025–2030 Financial Services Strategy.

Spotlight:
Thuli Madonsela to lead Workshops in Mauritius for International 2025
congestion in focus as Crane Shortages hit cargo flows
Book Breakdown: Households, and Core lead exposure
African Central Bank Governors push Integration & Financial Stability
BoM Governor Dr Priscilla Muthoora Thakoor appointed Chairperson of the IILM Board
“From Single Scenarios to Multiple Regimes”: A rethink in Portfolio Construction
Mauritius-based Black Swan wins the 2025 MEST Africa Challenge
Absa Bank Mauritius named Bank of the Year 2025 by The Banker
MCB Group CEO outlines Growth, Partnerships & in new
Directors Forum issues Paper, calls for stronger Board oversight
AI4GOOD Mauritius closes its 2025 edition focused on &
Axess launches the fully electric Peugeot E-3008 GT AWD
Ginza Motors & Quikfix earn Great Place To Work® Certification
— from ambition to reality (by Danny Balluck, Standard Chartered)
Viceroy Affiliates to add three African resorts in expanded push
Africa races to secure $41bn of upstream capital by 2026
British International Investment commits $150m facility supporting ’s energy transition

The government is moving to clear licensing backlogs and ease operational frictions in the global business sector — now a critical engine for GDP, jobs and foreign-currency earnings. Latest disclosures in Parliament and official reports signal that delays at the FSC are putting pressure on a secto...