Led by Aisha Cassam Timol, CIM prepares to list 17 million shares worth $3.65 million under employee scheme

Mauritius-based financial services group, CIM Financial Services Limited (CSFL), has obtained approval for the block listing of new shares worth $3.65 million under its employee share option scheme.

CFSL is a non-deposit-taking financial services holding led by leading business executive, Aisha Cassam Timol. It maintains active operations in four major segments, namely: global business, finance, property and investments.

The group provides individuals, small and medium enterprises, and corporations with a broad array of financial services products through its network of 100 domestic retail points of sale.

According to a communique published by the Executive Committee of the Stock Exchange of Mauritius, the equity market regulator revealed that the Mauritius-based group can proceed with the listing of up to 16,999,998 new ordinary shares.

The new shares, which will be listed in connection with CIM’s employee share option scheme on the Stock Exchange of Mauritius, will give the group’s employees the right to buy its stock at a specified price for a finite period of time.

As of press time, Jan. 17, shares in the Mauritius-based group were trading at MUR9.4 ($0.2145) on the local bourse, giving the financial services group a MUR6.4-billion ($146 million) market capitalization.

At the current price, the newly issued shares under the employee share option scheme are valued at MUR159.8 million ($3.65 million).

The recent disclosure comes nearly one month after CIM reached an agreement to acquire fellow Mauritius-based Tsusho Capital Limited for an undisclosed fee, subject to regulatory approvals.

In its recently concluded full-year results on Sept. 30, 2021, its net income rose by 119 percent year-on-year from MUR 190.8 million ($4.4 million) in 2020 to MUR 417.1 million ($9.7 million).