Belle Mare Holding Ltd (MUSE:BMHL) made an offer to acquire remaining 69.99% stake in Hotelest Limited for approximately MUR 680 million on August 8, 2014. Belle Mare offered MUR 29.85 per share. In a related transaction, Belle Mare Holding Ltd (MUSE:BMHL) signed an agreement to acquire additional 18.4% stake in Hotelest Limited from its shareholders for approximately MUR 160 million on August 8, 2014 and Belle Mare Holding Ltd (MUSE:BMHL) made a mandatory offer to acquire remaining 99.84% stake in Constance Hotels Services Limited from Hotelest Limited, CIEL Limited (MUSE:CIEL) and others for approximately MUR 2 billion on August 8, 2014.

BMHL has sufficient financial resources to satisfy the acceptance for the mandatory offer. The offer will start in the week commencing August 18, 2014. For the year ended December 31, 2013, Hotelest Limited had revenues of 0 million, total assets of 477.5 million, operating loss of 1.39 million and net loss of 1.66 million.