Belle Mare Holding Limited (MUSE:BMHL.N0000) (‘BMH') made an offer to acquire an additional 49.99% stake in Hotelest Limited (MUSE:HTLS.I0000) (‘Hotelest') for approximately MUR 860 million on July 30, 2018. Belle Mare shall make an offer to the remaining shareholders of Hotelest at MUR 30.85 per share. In related transactions, Belle Mare Holding Limited entered into an agreement to acquire an additional 19.89% stake in Hotelest Limited for approximately MUR 340 million at MUR 30.85 per share and Belle Mare Holding Limited made an offer to acquire remaining 49% stake in Constance Hotels Services Limited at MUR 30.5 per share.

Upon completion of the aforementioned transactions, BMH will hold 100% stake in Hotelest. The Board of BMH confirms that sufficient financial resources are available to BMH to satisfy in full the acceptances of the mandatory offer. The mandatory offer is not subject to any condition.