PRESS NOTICE

Financial Services Commission grants authorisation to National Equity Fund.

The National Equity Fund (the Fund), a private equity fund set up by the Development Bank of Mauritius Ltd and the State Investment Corporation Ltd  has on 29^th May 2003 been authorized.

 

The Fund which is of a target size of Rs. 1 billion aims to achieve long term capital growth and income through a diversified portfolio of primarily equity and equity related investments mostly in private sector companies involved in the textile and clothing sector, Information and Communication Technology, biotechnology and other strategic sectors in Mauritius.

 

The Fund will be managed by SIC FUND MANAGEMENT Ltd (the Manager), a subsidiary of Capital Asset Management Ltd and the Development Bank of Mauritius Ltd.

 

The Manager has been licensed under section 14 of the Financial Services Development Act 2001 on 29 May 2003.

 

The name of SIC Fund management Ltd now appears on our register of licensees as Investment Manager.

 

Financial Services Commission

30 May 2003