EditorialInternational LandscapeUS-China Trade war rhetoric, the possibility of a no-deal Brexit for the UK, and geopolitical turmoil arising in the east, such as the Hong-Kong protests and in the west with regards to the impeachment inquiry of President Donald Trump and the yellow vests movement in France; we could say that pessimism is the word that comes into mind when thinking about the global economy. The recent inversions of the US and UK yield curves are usually an indication of a decline in future global growth. However, the US yield curve just reverting back to normal, more recently, is perhaps more of a ‘cautious optimism’ from investors rather than a positive outlook on the future. The International Monetary Fund (IMF) has also revised down the global growth forecast by 10 basis points to 3.2% in 2019 and picking up to 3.5% in 2020.

Domestic LandscapeThe Mauritian Economy, on the other hand, remains resilient and is still growing at a steady pace of 3.8%, revised down by 10 basis point by Statistics Mauritius due to the repercussions of the global economic slowdown. The services and construction sector were the main drivers of this economic expansion. The tourism industry is experiencing a slowdown in tourists’ arrival from important markets, such as China, and the textile industry is still on the decline with a forecasted negative growth of 1.4% in 2019. With a declining unemployment rate, inflation rate for the financial year (FY) 2018/2019 stood at 1.0%, compared to 4.3% in FY 2017/2018. In addition, thanks to its diversified economy and development policies, Mauritius has affirmed, this year, its Baa1 credit rating from Moody’s.

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Below are selected major Economic and Financial Indicators of Mauritius:

Indicators Unit 2017 2018 2019

Gross Value Added (GVA) at basic prices- real growth

% +3.6 +3.6 +3.5

Real GDP Growth % +3.8 +3.8 +3.8

Private sector investment % GDP 13.3 14.2 14.2

Public sector investment % GDP 4.1 4.5 5.5

Gross Domestic Saving (GDS) % GDP 10.0 9.0 9.6

Investment- Gross Fixed Capital Formation (GFCF)

% GDP 17.4 18.8 19.7

Headline inflation FY,% 2.4 4.3 1.0

Unemployment rate % 7.1 6.9 6.8

Public sector debt Dec,% GDP

63.5 64.9 65.01

1. Assuming the early repayment of the public sector debt, as announced in the last National Budget, is conducted in phases.

Source: Statistics Mauritius

Source: Statistics Mauritius

% contribution of industry groupsto GVA growth at basic prices (2019)

3%

3%

12%

12%

18%

46%

6%

Manufacturing Construction Information and communication

Financial Services (Including Insurance

Activities)

Agriculture, forestry and fishing

Others

Wholesale & retail trade

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JanuaryReforms to global business sector regimes come into effectMajor reforms undertaken in Mauritius aim to enhance the nation’s competitiveness and transparency as a global financial centre, in line with the OECD’S BEPS initiatives. Changes announced in the Mauritius Budget Speech 2018-2019 and implemented with the enactment of the Mauritius Finance Act saw the previous regime of Global Business Category 1 and 2 (GBC1, GBC2) Licences abolished from 1 January 2019.

Setting up of new trading platform in MauritiusThe setting up of Indian operator, Afrinex, a subsidiary of the Bombay Stock Exchange was announced. The new trading platform was expected to be operational in March. It was declared that Afrinex and the Stock Exchange of Mauritius Ltd (SEM) would complement each other as Afrinex would specialise in listing of securities, derivatives or commodities.

Mauritius ranks first in Africa in The Economist Intelligence Unit’s Democracy Index 2018The Economist Intelligence Unit’s Democracy Index 2018, ranked Mauritius 1st in Africa and 17th worldwide. The Democracy Index made the assessment according to five criteria, namely: electoral process and pluralism; civil liberties; the functioning of government; political participation; and political culture. Mauritius attained an overall score of 8.22 points and is qualified as a “Full Democracy”. Only 20 countries worldwide belong to this category and Mauritius is the only country in the African region to be classified as a “full democracy”.

Business Category 1 and 2 (GBC1, GBC2) Licences abolished

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FebruaryMauritius issued rules for non-resident companies

The Mauritius Revenue Authority issued a statement of practice (SoP) in relation to the newly introduced section 73A of the Mauritius Income Tax Act, 1995, which treats a company incorporated in Mauritius as “non-resident” for

Mauritian income tax purposes if its place of effective management (POEM) is located outside Mauritius.

DHL Global Connectedness Index: Mauritius is sub-Saharan Africa’s most connected country DHL released the fifth edition of the DHL Global Connectedness Index, an analysis of globalisation, as measured

by international flows of trade, capital, information and people. The 2018 index measures the current state of globalisation, as well as individual rankings for each country, based on the depth (intensity of international

flows) and breadth (geographical distribution of flows) of countries’ international connections. In sub-Saharan Africa, the highest ranking country was Mauritius, which featured in 40th position, while South

Africa was named the highest ranking country on the African continent itself, with an overall ranking of 56th place.

Forbes’ ‘Best Countries for Doing Business’: Mauritius ranks 1st in Africa, 39th worldwideForbes’ ‘Best Countries for Business 2019’ ranked Mauritius 1st in the African region and 39th worldwide.

The index, which has been published annually in the past 13 years, assesses 161 nations based on 15 criteria which are as follows: property rights, innovation, taxes, technology, corruption,

infrastructure, market size, political risk, quality of life, workforce, freedom (personal, trade and monetary), red tape and investor protection.

Mauritius passport ranked 2nd Best in Africa, according to the Global Passport Index 2019The Global Passport Index , published by Henley & Partners, as part of its ‘Henley Passport Index and Global Mobility Report’ and which ranks all of the world’s passports according

to the number of destinations their holders can access without prior visa, placed Mauritius 2nd in Africa and 31st worldwide, i.e. out of 199 countries and 227 travel destinations.

Best Countries for Doing Business’: Mauritius ranks 1st in Africa

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MarchMauritius Financial Services Commission (FSC) implements Licensing Framework for Digital Asset Custodian Services In line with its statutory objective of studying new avenues for development in the financial services sector, responding to new challenges and taking full advantage of new opportunities for achieving economic sustainability and job creation, the FSC issued the Financial Services (Custodian Services (Digital Asset)) Rules 2019 applicable to any person who wishes to carry out custodian services for digital assets. This initiative is expected to enhance the economy’s digital growth.

Government of Mauritius and the United Nations (UN) partner for sustainable developmentFor the first time in the country, the Government of Mauritius and the UN partnered in view of building partnership for sustainable development through the elaboration of the Strategic Partnership Framework (SPF), a five year plan that will be implemented as from 2019. The six outcomes of the SPF, namely Transformed businesses; Ageing society, health, and labour market reforms; Ocean economy and tourism; Quality inclusive education and skilling; Social protection and gender equality and Resilience to climate change were discussed and agreed up by all participants to the workshop.

Madagascar and Mauritius strengthen their relationship through the signing of three MoUsAs part of the Madagascar President’s visit to Mauritius, three Memorandums of Understanding (MoUs) and then two more MoUs two days later were signed by Mauritius and Madagascar. The MoUs addressed many aspects of the relationship, including the education, judicial, economic and cultural fields. The countries’ geographical proximity and historical ties is expected to enable them to enhance their existing relationship and allow for a fruitful collaboration.

3rd Pension Funds & Alternative Investments Africa Conference held in MauritiusThe Pension Funds & Alternative Investments Africa Conference (PIAfrica 2019) was held at the Hilton Mauritius Resort on the 20th and 21st of March 2019. The conference highlighted the following themes: driving inclusive growth; increasing social stability; filling the African infrastructure financing gap; higher long- term returns. Perigeum Capital sponsored the event and Shamin A. Sookia, Managing Director of the company participated in a panel session titled “Setting up and structuring offshore Investment structures - The Mauritius Advantage”.

Best Countries for Doing Business’: Mauritius ranks 1st in Africa (FSC) implements Licensing Framework for Digital Asset Custodian Services

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New Mauritius/Kenya tax treaty signedDuring President Uhuru Kenyatta of Kenya’s state visit to Mauritius from 9 to 12

April 2019, a new double tax agreement (treaty) was signed between the two countries. The amendments proposed aimed to enhance Kenya’s ability to attain sustainable development. Over the years, Mauritius has entered into a

considerable number of double-tax treaties. All Mauritian treaties are based on the OECD model treaty and contain exchange of information clauses.

Mauritius lifts ban on Kenyan produceMauritius lifted a three-year ban on Kenyan avocado after Kenya

improved on the hygiene standards with the Mauritian authorities, offering relief to local exporters in the country. Kenya lost the market in 2015 after the Mauritian National Plant Protection Office cited

low standards of hygiene. Kenya is estimated to produce about 200,000 tons of the fruit a year, selling nearly a quarter of it to

countries such as South Africa and Qatar.

The Mauritius Financial Services Commission (FSC) clarifies its regulatory stance on security token offerings (STOs)

In a guidance note published, the FSC declared that security tokens are securities, as defined in the country’s Securities

Act 2005, but in digital form. As such, companies seeking to raise funds through an STO must obtain prior approval from the FSC and meet the disclosure and due diligence

requirements.

April

New Mauritius/Kenya tax treaty signed

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MayMauritius amends country-by-country reporting rules to add penalties for non-complianceThe Mauritian government enacted new penalties for non-compliance with country-by-country reporting requirements set out in 2018 regulations. The imposition of penalties was aimed at encouraging multinational entities that are tax resident in Mauritius to comply with the Mauritius country-by-country reporting regulations and reflects the importance that Mauritius ascribes to compliance with the OECD/G20 base erosion profit shifting (BEPS) action plan.

Citdex, the Stock Exchange of Mauritius and the Central Depository & Settlement Co. to Launch Digital Securities Exchange and Digital Securities Custody Services Citdex Corporation (Citdex), the SEM and the Central Depository & Settlement Co. Ltd signed an exclusive joint venture agreement to launch a Digital Stock Exchange of Mauritius and a Digital Central Depository Systems leading to spearhead the development of global digital capital markets and digital securities custodian services in Mauritius.

New laws for the development of retirement-based communitiesAccording to new regulations coming into force and announced by the Economic Development Board, purpose-built luxury retirement-based communities can be developed under the Property Development Scheme). Promoters will therefore be allowed to construct purpose-built buildings or bring an existing building under the scheme targeting senior citizens (both Mauritians and non-citizens) under specific conditions.

Development of retirement-based communities

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Mauritius hosts the Africa and Indian Ocean gala of the World Travel AwardsThe World Travel Awards hosted their Africa and Indian Ocean gala ceremony in Mauritius. This event is one of many regional galas throughout the year. The winners of these

ceremonies then compete in the world categories at the World Travel Awards Grand Final. At the night of the gala in Mauritius, hundreds of travel and tourism representatives from across the region gathered to celebrate the best of their industry.

Presentation of the 2019/2020 Budget SpeechThe Prime Minister and Minister of Finance and Economic Development, Pravind Jugnauth presented the 2019-20 budget speech entitled “Embracing a brighter future together as a nation”.

Listing of Africa Clean Energy Solutions Ltd on the Stock Exchange of MauritiusThe board of directors of Africa Clean Energy Solutions Limited (ACES) announced that the company has listed its shares on the Official Market

of the SEM. On the first day of listing and trading on the SEM, 3% of the issued shares of the company, have been made available for trading at a price of $1.00 per share. ACES, through its associate and subsidiary companies, is an independent renewable power producer operating

in Africa. The company specializes in projects that will generate between 3MW and 50MW of power, with stable long-term off-take agreements and in politically stable jurisdictions across Africa. Perigeum Capital acted as Transaction Advisor for the listing of

ACES on the SEM and continues to advise the company on its ongoing obligations.

June

Budget speech entitled “Embracinga brighter future together as a nation

Mauritius hosts 10th edition of Indian Ocean Islands GamesThe 10th edition of the Indian Ocean Islands Games, was hosted by Mauritius, The regional multisports event regrouping some 2000 athletes from Comoros, Madagascar, Maldives, Mauritius, Mayotte, Reunion Island, and Seychelles was launched and was aimed at enhancing regional cooperation through the development of sports in the region, and build friendship and mutual understanding between the peoples of the islands of the Indian Ocean. Mauritius emerged as the leading nation at the games.

African telecoms trends: Mauritius leads African telecoms marketMauritius leads the telecoms market in Africa, with Algeria and South Africa now in the top three after overtaking Ghana and Tunisia according to BuddeComm’s Telecoms Maturity Index. BuddeComm’s Telecoms Maturity Index analyses the broadband, mobile & fixed line markets of a country on top of a range of economic parameters to rank it on a scale of 1 to 100 and compare it to its region. The 2019 market leaders: Mauritius remains the top-ranking country in Africa with a Telecoms Maturity Index score of 49, followed by Algeria (43) and South Africa (34).

Abu Dhabi Ports and Mauritius Ports Authority sign agreement to boost sustainability, security and cruise tourism across Indian OceanAbu Dhabi Ports and the Mauritius Ports Authority (MPA) signed an agreement to pool their combined expertise to enhance the maritime sector across the Indian Ocean, from port infrastructure and security to protecting the environment and driving the cruise industry. Under the MoU, Abu Dhabi Ports and MPA will explore areas of collaboration between the public and private sectors, as well as how to ensure the safety and security of passengers, crew members, vessels and port facilities.

July

Mauritius leads African telecoms market

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Launching of first phase of Trianon Smart CityWith construction estimated to be achieved in the first semester of 2021, the Trianon Smart City was launched and is expected to harbor a new shopping mall, commercial spaces, a

business hotel, office space, luxury apartments, leisure spaces and eateries. The project promoters have announced that all required permits have been obtained including the Smart City certificate. Till date, 5 projects have been approved in Mauritius under the Smart City Scheme.

TDB becomes the first African issuer of Eurobonds to list its Notes on SEMThe SEM welcomed TDB’s initiative to list the first Eurobond on its platform. This landmark listing adds a new dimension to SEM’s internationalization strategy,

and confirms the SEM’s attractiveness as a listing platform for African issuers. Perigeum Capital acted as the Mauritian Corporate Finance Adviser for the successful execution of the transaction.

Mauritius-China Business Forum held in MauritiusThe Business Forum themed ‘Embracing Closer Economic and Trade

Ties’, held in Mauritius, reaffirmed the strong bilateral & economic ties shared between the two countries in view of further cementing people-to-people exchanges for long-term cooperation.

Approval of the National Regeneration ProgrammeThe area regeneration plan of City of Port Louis was approved by the Economic Development Board pursuant to regulation 20B (7)(a) of the Economic Development Board (Smart City Scheme) Regulations 2015, as amended and is aimed at enhancing the appeal of Port-Louis as a city and promoting development

projects in the area.

AugustMauritius Gazettes Budget Tax MeasuresMauritius has published in its Official Gazette legislation to enact measures announced in the territory’s latest Budget, contained in The Finance (Miscellaneous Provisions) Act 2019. Mauritius announced a multitude of changes to all areas of its tax regime in its 2019-2020 Budget, including international tax reforms; value-added tax changes; new corporate tax relief measures, including a new patent box regime; a regime for peer-to-peer lending; individual tax breaks; and a tax amnesty scheme.

Launching of revolutionary mobile money facilities in MauritiusMauritius Telecom launched my.t money, the new mobile money service in Mauritius. The services features both a physical card and a mobile application which are linked, thereby allowing the client to effect payments using their mobile phone. This initiative is expected to further enhance the country’s efforts towards digital transformation.

Mauritius proclaims the Industrial Property Act 2019The Industrial Property Act 2019 consolidates all industrial property-related issues in one statute. The protection framework of the Act consists of the following five pieces of legislation: Patents, Utility Models, Patent Cooperation Treaty; Layout-Designs of Integrated Circuits; Protection of New Varieties of Plants; Industrial Designs governed by the Hague Agreement; Marks, Trade Names, Geographical Indications, Madrid Protocol.

Launching of revolutionary mobile money facilities

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Pope Francis visits Mauritius on last leg of Africa tourPope Francis arrived in Mauritius on the final stop of a three-nation Africa tour where

he celebrated the diversity and tolerance of one of Mauritius Thousands of faithful gathered in the capital Port-Louis, some before dawn, waiting for the Argentine pontiff to address the Mauritian population.

Mauritius becomes Africa Finance Corporation’s 23rd Member StateThe Republic of Mauritius became the twenty-third (23rd) member state of Africa Finance Corporation (AFC), Africa’s leading investment grade, infrastructure solutions provider. Following its accession to the membership of

AFC, AFC will engage the Mauritian authorities and private sector on how it can best contribute towards developing the country’s infrastructure.

ESAAMLG declares Mauritius as a compliant jurisdictionAt the 19th Council of Ministers Meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), held in eSwatini (previously known as Swaziland), it was announced that Mauritius is

now compliant with most of the recommendations of the Financial Action Task Force (FATF).

The Economic Development Board publishes communique regarding the Long Stay Visa

According to the communique, any non-citizen who has acquired an apartment for a price exceeding USD 500,000 or its equivalent in any convertible currencies may apply

September

ESAAMLG declares Mauritius as a compliant jurisdiction

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October

for a long stay visa. A long stay visa allows a non-citizen and his dependents to stay for a consecutive period of 10 years, renewable depending on the status of ownership. It remains valid so long as the non-citizen holds the apartment.

Signing of a Memorandum of Understanding between the EDB & UNODCTo further foster a strong and conducive ecosystem for FinTech related activities and develop solutions to counter money laundering practices in Mauritius, the Economic Development Board (EDB) has signed a Memorandum of Understanding (MOU) with the United Nations Office on Drugs and Crime (UNODC). A new FinTech ecosystem is being developed in Mauritius with the technical expertise of the UNODC, in partnership with the UNODC Executive Advisers in FinTech matters.

EU removes Mauritius from tax haven listThe European Union finance ministers agreed to remove the United Arab Emirates, Switzerland and Mauritius from the bloc’s lists of countries deemed to be acting as tax havens. The 28-nation EU set up a blacklist and a gray list of tax havens in December 2017 after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

China signs Free Trade Agreement with MauritiusChina and Mauritius signed a free trade agreement (FTA) .This is China’s first FTA with an African nation. The agreement will reportedly give Mauritius duty-free access to about 8,547 products, representing 96 percent of Chinese tariff lines.

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Mauritius launches first phase of $525 million light rail systemMauritius launched the first phase of a $525 million light rail system, hoping to cut traffic jams with the Indian Ocean island’s biggest infrastructure project. The

railway’s first stage of 13 km will connect Rose Hill, a town in the central part of the island, to the capital Port Louis. When completed, the 26 km (16-mile) route will connect Curepipe, a town in central Mauritius, to the capital Port Louis. It is expected to have 19 stations and four interchanges. This initiative is expected

to further contribute to the economic landscape and to the tourism industry through a more stable and reliable transportation system.

Mauritius ranked second Most Advanced African Financial Market by a 2019 Absa Financial Markets Index

Mauritius has been ranked as the second most advanced financial market in Africa due to its sizeable pool of investible pension assets

with strong legal framework. According to the report by Absa Group, the index scores each country based on six pillars: Market Depth, Access to Foreign Exchange, Market Transparency, Tax and Regulatory Environment, Capacity for Local Investors, Underlying

Macro Opportunity, Legality and Enforceability of Standard Financial Markets Master Agreements

World Bank Doing Business Report 2020: Mauritius ranks 13th globally and 1st in AfricaMauritius ranked 13th out of 190 countries for doing business, ahead of several major economies, sustaining a continued progress from 25th in 2017 and 20th last year. Mauritius also came 1st among African countries and 2nd in the upper middle-income category, just after Malaysia and with the same score. This recognition by the World Bank reaffirms the competitiveness of Mauritius as a jurisdiction conducive to do business whilst consolidating investor’s trust.

Protocol to Mauritius-Kenya DTAA signedFollowing the signing of the Mauritius – Kenya DTAA in April 2019, the two countries had been engaging in bilateral discussions to amend certain provisions of the DTAA with a view to ensuring that it is BEPS compliant and is in line with the tax treaty policies of the two countries. Negotiations were successfully concluded thereafter and a Protocol amending the DTAA with Kenya was finalized.

FDI inflows into the Mauritian Economy record a 20% growth in the first semester 2019According to the statistics published by the Bank of Mauritius, FDI inflows into the Mauritian economy for period January to June 2019 witnessed an increase of 20 % as compared to the previous year. FDI inflows to the tune of MUR 10.68 billion have been recorded for the two quarters of 2019 as compared to MUR 8.8 billion in 2018. Real estate remains the most attractive sector and the main recipient of FDI to the tune of MUR 9.5 billion of which the Integrated Resort Scheme, Real Estate Scheme, Invest Hotel Scheme.

World Bank Doing Business Report 2020: Mauritius ranks 13th globally and 1st in Africa

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General Elections 2019 held in MauritiusThe General Elections 2019 witnessed the victory of the outgoing government who secured a comfortable majority of 42 seats out of a total of 70 seats in the National

Assembly. The results were proclaimed on Friday 8th November 2019 and the ministers of the new cabinet were sworn in in an official ceremony hosted by the acting President of the Republic of Mauritius. It is to be noted that the newly constituted government remains under the prime ministership of Honourable

Pravind Kumar Jugnauth. With the current Government undertaking another 5-year term, there are high expectations as regards the stability and progress of the country through the continuation of the reforms and measures that were already established under its previous mandate.

Perigeum Capital declared as Top 3 finalist at the Private Equity Africa Awards 2019

Perigeum Capital’s efforts in the corporate finance space in Mauritius and Africa were recognized at the Private Equity Africa Awards 2019 and the firm emerged as a top three finalist in the “Financial Advisor of the Year” category.

November

General Elections 2019 held in Mauritius

DecemberMauritius ranks best in sub-Saharan Africa in UNCTAD’s Business-to-Consumer (B2C) E-commerce Index 2019The index scores 152 nations on their readiness for online shopping. Countries are scored on the access to secure internet servers, the reliability of postal services and infrastructure, and the portion of their population that uses the internet and has an account with a financial institution or mobile-money-service provider.

Mauritius ranks best in sub-Saharan Africa

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OUTLOOK FOR THE FUTUREFollowing policy stimulus in China and improvements in global financial market sentiments, it is expected for

global economic growth to increase, according to the IMF. In Mauritius, the National Budget 2019/2020 announced in June, then followed by the General Elections led to expectations about the stability and progress of the country as the whole through the continuation of policies and reforms adopted during the previous mandate. Improving business facilitation, upgrading public infrastructure throughout the

island, diversifying and expanding economic activities to the African region, bringing Mauritius to the high-income country status and securing sound public finances and sustainable debts are the major points emphasised by the budget.

As announced, the pension space is expected to undergo an overhaul through the social measures announced. As such, the real GDP growth is projected to be in the range of 4%-4.2%

during the period 2020-2022. One of the sectors where significant growth is expected are the construction sector which should grow at a sustained high pace in view of the implementation of a number of major public sector infrastructure projects. Private sector investment is expected to increase with real estate development and smart city projects, and construction of new

and upgrading of existing hotels. The increased emphasis on the development of FinTech activities, AI and digital technologies along with the reviewing of legislation to support same should further contribute to the growth of financial services and ICT sectors as the

country strives towards digital advancement. Growth in the tourism sectors is expected as well as Mauritius develops other types of tourism namely medical tourism and MICE tourism. In addition, Mauritius should benefit from a boost to export sectors through the finalization of trade agreements. On the demand side, growth in consumption

expenditure will be buoyant supported by improving employment and income conditions particularly following the introduction of various social measures.

Below are selected Economic and Financial Indicators of the National Budget 2019/2020:

Indicators Unit 2019/2020 2020/2021 2021/2022

Real GDP Growth % 4.0 4.1 4.2

Investment Rate % 19.4 19.0 19.0

Headline Inflation % 2.0 2.5 2.5

Public Debt % GDP 61.6 59.8 59.3

Source: Medium Term Macroeconomic Framework

Level 4, Alexander House, 35 Cybercity, Ebene 72201, Mauritius

info@perigeum.mu

(230) 402 0890

www.perigeumcapital.com

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At Perigeum Capital, we believe that every client is unique and our solutions are designed to meet your specific aspirations and growth plans. We have a proven track record of successful transactions and the team remains ever-ready to assist you pre-IPO, during the IPO & post-IPO as well as support M&A transactions and deal origination in Africa.

OUR CORE SERVICESListing & IPO Services | Advising on bespoke listing vehicle structuringMergers & Acquisitions | Takeovers | Capital raising | ValuationBusiness planning and modelling | Due diligenceCorporate structuring & reorganisations | Assisting with expansion into Africa

We seize the opportunity to thank you for the collaboration during the year 2019 and wish you a wonderful new year 2020. We look forward to assisting you in your future endeavours.