[2008-07-02]  The General Investment And Development Company Limited
THE GENERAL INVESTMENT AND DEVELOPMENT COMPANY LIMITED (GIDC)

SUMMARY OF CIRCULAR
Following Cautionary Announcements published on 13th & 14th September 2007, 1st April 2008 and 26th May 2008, the Company wishes to inform its shareholders and the public at large of the following in respect of “The Transaction” as per Listing Rules 13.1 (b).

The Transaction relates to the proposed sale of the Company’s non core share portfolio and to the acquisition of stakes in companies that are already subsidiaries of GIDC. These acquisitions and disposals will be effected with sister companies, namely Espitalier Noël Investment Trust Limited (ENIT), Mon Desert Alma Limited (MDA), The Savannah Sugar Estates Company Limited (SAV) as well as with third parties.

Details of the companies involved in The Transaction, as well as information pertaining to them are as follows:
Company
Name Transaction
Type Business
Activity % Shareholding held by GIDC Acquirer/ Seller
Before The Transaction Post The Transaction
Axess Limited Acquisition Car dealership 60.33 100 ENIT, MDA, SAV, St Mau²
Grewals Mauritius Ltd Acquisition Timber Merchant 89.07 96.84 ENL¹
International Parts Centre Limited Acquisition Local agent for Michelin Tyre brand 60.33 100 MDA, SAV, St Mau
FAIL- Ordinary Disposal Farming, Food processing & distribution 14.38 Nil ENIT
FAIL-Preference 9.03 Nil
MADCO Disposal Investment &Provision of Management services 22.5 Nil ENIT
Societe Amstramdam Disposal Holding 48.98 Nil ENIT
Rogers Consolidated Shareholding Ltd Disposal Holding Company 8.17 Nil ENIT

¹ ENL: Espitalier Noël Limited ² St Mau: St Maurice Limited

* Over and above the Related Party Transactions detailed above, GIDC will also sell the shares it holds in some 15 companies for a total estimated amount of Rs 107M.

Total acquisitions by GIDC will amount to Rs 108M while total disposals will amount to Rs 907M. GIDC will be paid partly in cash and partly in shares of ENIT.

GIDC will utilise the net cash raised, currently estimated at Rs 310 Million to reduce its debts and to financially re-engineer its subsidiaries in order to improve their financial performance.

N.B. The above Transaction is subject to shareholders’ approval of GIDC. A circular will be sent to shareholders of GIDC shortly.

Copies of the Circular are available free of charge at the registered office of the Company at 7th Floor, Swan Group Centre, Intendance Street, Port Louis up to 14th July 2008.

By order of the Board

Julien Hoareau
For ESPITALIER NOEL LTD
Secretaries

30 June 2008

This Communiqué is issued pursuant to Listing Rule 13.15 (b)
The Board of Directors of The General Investment and Development Company Limited accepts full responsibility for the accuracy of the information contained in this communiqué.

Source: Mauritius Stock Exchange Site