CIEL Limited ("CIEL") has set up a new property cluster to, amongst others, create value from its existing real estate assets. Ciel Textile Ltd ("CTL"), a 100% subsidiary of CIEL, has over the years constructed and utilised
various manufacturing facilities. As its operations have shifted out of Mauritius, there are certain properties which are either vacant or under-utilised from a real estate perspective.
More generally, CTL is in the textile business. Maximizing and creating value from real estate is outside of the group's core set of expertise and the objective will be to find alternative high potential use of these assets.
CIEL and CTL have jointly set up Evolis Properties Ltd ("Evolis") for the purposes of maximizing value from their real estate assets. Certain CTL's existing assets have been transferred into Evolis.
Subsequently, these assets shall either be repositioned/refurbished and rented to third party tenants.
