Emtel Already Ranks Sixth Among All SEM-Listed Companies

During a cocktail event hosted by SEM at Hennessy Park Hotel, Sunil Benimadhu, Chief Executive of SEM, lauded Emtel’s remarkable journey. Highlighting its pioneering achievements, he noted Emtel’s historical impact on the telecom landscape since 1989, and its continuous drive for innovation. Celebrating the landmark listing of Emtel on the Official Market of SEM, the CEO emphasized the company’s role in setting new standards for future listings. Emtel’s broad investor base and commitment to sustainability underscore its importance in Mauritius’ economic and social fabric, marking a promising future for the company and the SEM.

“You will concur with me that EMTEL needs no introduction. It is an iconic company, a household name within the business community in Mauritius, but more importantly, it is a brand name that resonates very well within the microcosm or the economic and social fabric of Mauritius,” Sunil Benimadhu stated last Friday, at Hennessy Park Hotel, in Ebène, Mauritius. The Chief Executive of the Stock Exchange of Mauritius (SEM) was highlighting the company’s deep-rooted presence in the Mauritian economy during a cocktail hosted by the SEM to celebrate the landmark listing of EMTEL Limited on the Official Market of the SEM.

Reflecting on EMTEL’s history, Sunil Benimadhu shared a remarkable fact. “EMTEL made history some 35 years ago, back in 1989, by transforming the telecom landscape, not only in small Mauritius, but within the Southern Hemisphere, by becoming the first company within the Southern Hemisphere to venture into the mobile space. What an achievement for a company from a small island to set the tone with regards to telecom at the global level,” he noted, acknowledging the company’s pioneering spirit.

Our market cap sums up to 342 billion Mauritian Rupees. That’s 53.7% of the country’s GDP which positions us as the second exchange in Africa with the highest market cap to GDP after the Johannesburg stock exchange

The SEM’s CEO highlighted that EMTEL is once again making history with its listing. “It is the first telecom technology company to come and list on the platform of the Stock Exchange of Mauritius,” he said. He further noted that EMTEL’s listing represents several firsts for the SEM, including being the first company with a market capitalization of 10.6 billion Mauritian Rupees at the time of listing, and the highest equity IPO value of 2.6 billion Mauritian Rupees.

Sunil Benimadhu also praised EMTEL for setting new standards for future listings on the SEM. “I’m glad to congratulate the company not only for opening up its share capital to the public in Mauritius and abroad, but also for setting new standards for the SEM, because in the future, new companies that would come to list on the SEM would be measured against those standards that EMTEL has set,” he asserted.

The significance of EMTEL’s listing was further underscored by its broad investor base. “I’ve learned from the statistics that 4,273 investors, both local and international, have subscribed to this IPO,” the CEO revealed. He emphasized the democratizing impact of this move, allowing a wider public to be part of EMTEL’s growth journey.

He also stressed the importance of technology and innovation in EMTEL’s future. “Investments in new technology, investments in AI and other things are going to be extremely important. This is where the stock exchange platform can be judiciously used by EMTEL to raise capital to fund its future investments in technology and other areas, so as to fuel its future growth,” he explained.

The CEO highlighted the role of Mauritius as a financial centre, and the potential for further growth. “We want Mauritius to emerge as the capital raising, listing, trading, and settlement platform in different currencies for companies that are structured in Mauritius, but also for companies that are venturing into the global business space in Mauritius and that are looking to branch out into Africa or elsewhere,” he envisioned.

EMTEL’s market position was another focal point. “By virtue of the size of Emtel today, it has a market cap of around 10.7 billion Mauritian Rupees, and in terms of ranking, it already ranks as the number six company among all companies listed on the stock exchange of Mauritius, including foreign companies. And among local companies, it ranks as number five,” Sunil Benimadhu detailed. He also mentioned the potential for EMTEL to join the prestigious SEM10 index and gain visibility among institutional and foreign investors.

Sustainability was a key theme in Sunil Benimadhu’s speech. He encouraged EMTEL to join the SEM Sustainability Index, promoting environmental and social responsibility. “I’ve read in the prospectus that the company is very keen to promote sustainability. I think you already have a sustainability charter, and I think one of your mottos is ‘We Care’. So, as a company listed on the stock exchange of Mauritius, we want you to care about your stakeholders, we want you to care about your investors. But we also want you to care about the environment,” he urged.

The CEO reiterated the significance of EMTEL’s listing for the SEM and the broader Mauritian economy. “At the level of the stock exchange of Mauritius, we wholeheartedly welcome this listing of Emtel because it has added another 10.67 billion Mauritian Rupees to our market cap, which today, in total, sums up to 342 billion Mauritian Rupees represented in the market cap. That’s 53.7% of the country’s GDP, which then positions us as the second exchange in Africa with the highest market cap to GDP, after the Johannesburg stock exchange,” he said.

The celebration marked a new chapter for EMTEL and the SEM, symbolizing growth, innovation, and a commitment to sustainable development. As Sunil Benimadhu aptly put it, “I wish Emtel great success as a listed company, but more importantly, I wish the company continued success in innovation and in driving change, not only in Mauritius, but in the region.”