The Board of Directors of MUA Ltd. informed its shareholders and the public in general that, as authorized by the Company's constitution, it has resolved and approved the issue of notes denominated in Mauritian Rupees for an aggregate amount of MUR 100 million by way of private placement to targeted investors (the "Notes"). The proceeds of the Notes shall be used to acquire the redeemable preference shares issued by The Mauritius Union Assurance Cy. Ltd. to The Mauritius Commercial Bank Ltd. The Company is currently finalizing the terms and conditions of the Notes.