[2008-01-21]  COMMUNIQUE-incorporation of MDA Properties Ltd (MDAP) as a 100 % subsidiary of MDA.
The Board of Directors of Mon Desert Alma Limited (MDA) is pleased to announce the incorporation of MDA Properties Ltd (MDAP) as a 100 % subsidiary of MDA.
MDAP is in the process of acquiring from MDA 124 acres of land (in 8 different lots) in the region of Moka - Saint Pierre for a total consideration of some Rs 800m.
It is anticipated that, as a result of this transaction, the entity accounts of MDA for the years ending 30 June 2008 and 30 June 2009 will show a profit on disposal of land of some Rs 613m and Rs 139m respectively.
Further to this acquisition, MDAP will open 49% of its capital to a number of leading institutional investors and MDA will retain 51% of MDAP’s share capital.
The above share issue will result in MDA receiving some Rs 320m in cash during the current financial year and some Rs 72m in the 2008-09 financial years.
The business plan of MDAP is to carry out and sell, over a 12 year period, a number of high class residential and commercial developments on the acquired land.
It is anticipated that the above developments will generate significant positive cash flows in the medium term, 51% of which will accrue to MDA in the form of dividends.
The public is advised to exercise caution when dealing in the shares of MDA.
By order of the Board
Julien Hoareau
For ESPITALIER NOEL LTD
Secretaries
21 January 2008
This Communiqué is issued pursuant to Listing Rule 11.3
The Board of Directors of Mon Desert Alma Limited accepts full responsibility for the accuracy of the information contained in this communiqué

Source: Copyright 2006 The Stock Exchange of Mauritius