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PORT LOUIS (Capital Markets in Africa) – CIM Financial Services Limited., which has operations spanning Mauritius and Singapore, plans to focus on developing its consumer-credit and real-estate businesses after selling off its Global Business unit.
The company, based in Port Louis, announced earlier on Tuesday that it’s selling its Global Business unit — which offers corporate, trust and fiduciary services — to Luxembourg-based SGG SA for $90.3 million.
The deal “will allow CIM to benefit from an important reserve to pursue its ambitious development plans in the sectors of consumer credit and real estate,” Chief Executive Officer Paul Leech said by phone from the Mauritian capital. “We are contemplating several retail developments in Port-Louis and residential projects in the south west of Mauritius.”
CIM had previously approved a growth strategy for the business that included scaling up its Singapore office and establishing a presence in Johannesburg, South Africa’s commercial capital. CIM Global has $150 billion of assets under management and more than 900 employees, according to the company’s website.
The decision to sell the business was based on the “increasing pace of consolidation internationally in the global-business sector,” the company said in a statement. The sale, which is subject to regulatory and shareholder approval, is expected to be concluded by April 30, it said.
SGG provides investor advisory services in countries including France, Belgium and Hong Kong, according to its website. The Global Business unit represented 36 percent of CIM’s net operating income in the quarter ended Dec. 31.