Mauritius Hotel Group Seeks $151 Million Funding, L’Express Says

(Bloomberg) -- New Mauritius Hotels Ltd., the Indian Ocean island nation’s biggest tourism operator, has tapped a central bank subsidiary for 6 billion rupees ($151 million) in financing as the company struggles with the effects of the Covid-19 pandemic, L’Express reported, without saying where it got the information.

The funds, to be raised through the sale of secured bonds, will help the hotel group meet its financial commitments, the Port Louis-based newspaper said. The company didn’t immediately respond to requests for comment.

The Mauritius Investment Corp. was set up by the central bank to assist systemically large, important and viable local companies that are in distress as a result of the pandemic and that pose a threat to financial stability. As much as $2 billion, drawn from the country’s international reserves, will be made available to the MIC, according to the Bank of Mauritius website.

So far, two other major hotel groups, Sun Ltd. and Lux Island Resorts Ltd., have secured combined funding of 4.1 billion rupees from the MIC.

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