The Stock Exchange of Mauritius (SEM) welcomed a new listed company on July 9, 2025: NewENLRogers Limited (Ticker: ERL), the result of a major strategic reorganisation led by ENL Limited and Rogers and Co. Limited.
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This transaction, approved by the Supreme Court on June 27, 2025, is part of a broader effort to simplify group structures, enhance transparency for investors, and create long-term value. At the core of the restructuring is a partial demerger of ENL, through which its investments and debts—including listed bonds—were transferred to NewENLRogers, along with the creation of a new entity consolidating significant assets and holdings from both groups.
As part of the deal, ENL shareholders received 367.4 million ordinary shares and 700 million restricted redeemable shares in NewENLRogers, on a 1:1 basis. Simultaneously, NewENLRogers acquired a controlling stake in Rogers (approximately 40%) in exchange for the issuance of over 114 million new shares. This led to the delisting of Rogers from the SEM on July 8, 2025. ENL remains listed, with its share price adjusted as of July 1. The transaction also included cross-distributions of ENL shares between Rogers, NewENLRogers, and their shareholders, as part of the transfer of a key subsidiary, Rogers Corporate Services Ltd.
With its official listing, NewENLRogers becomes one of the most diversified groups on the Mauritian financial market, with operations spanning real estate, commerce, logistics, hospitality, and financial services. This reorganisation aims to clarify cross-shareholdings, strengthen governance, and allow for more transparent valuation of the various business segments. Shareholders—now split between ENL and NewENLRogers—will be able to follow the progress of each entity independently, as they pursue distinct strategic directions.
