Belle Mare Holding Ltd (MUSE:BMHL) signed an agreement to acquire an additional 18.4% stake in Hotelest Limited from its shareholders for approximately MUR 160 million in cash on August 8, 2014. In a related transaction, 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 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. As part of the agreement, Belle Mare will acquire 6 million shares of Hotelest at MUR 27 per share.

Following this transaction, Belle Mare's stake will be 30.01% thus triggering a mandatory offer to all shareholders of Hotelest. As of August 26, 2014, The Stock Exchange of Mauritius Ltd has granted its approval to the transaction. The transaction is expected to take place on August 26, 2014.