Shelter Afrique (Aug 2022)

Shelter Afrique (Legal name: The Company for Habitat and Housing in Africa) is a Pan African institution that is mandated to finance the delivery of affordable housing in Africa. It has ownership by 44 African member states and 2 institutional shareholders. Domiciled in the Republic of Kenya, Shelter Africa was established in 1982 by act of parliament and granted privileges and immunities such as diplomatic and tax-exempt status in Kenya and other select member countries.

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Operating Environment Overview | Mauritian Banking Institutions (Aug 2022)

The Mauritian economy is on a recovery path, after a sharp contraction in 2020 precipitated by the COVID-19 pandemic. With tourism halted, real GDP contracted by 15% in 2020 (real GDP growth was 3% in 2019), and the current account deficit widened substantially according to the International Monetary Fund (“IMF”). The worst hit sectors were tourism (including accommodation and food services) and manufacturing sectors since activity declined sharply with the closure of borders and disruptions in the global supply chains. Other sectors were also impacted due to the knock-on effects, albeit with varying magnitudes. Real GDP growth rebounded strongly to 5% in 2021 and is forecast to rise to 6.1% in 2022, fueled by the construction sector and public investment, gradual recovery in the tourism industry, and as exports strengthen in line with global demand. In the medium-term, real GDP growth is expected to firm to the pre-pandemic trend growth of 3-3.5%. Annual inflation increased substantially from 2.7% at end-2020 to 6.8% at end-2021 and further to 11% at end-April 2022 and is expected to rise to 11.4% later in 2022 due to surging commodity prices, past depreciation of the rupee, and recovering domestic demand. Unemployment, while higher at 9.5% in 2021 (2020: 9.2%, 2019: 6.7%) was contained by wage support schemes and is expected to decline as the economy recovers and to return to trend (around 7%) in the medium-term. Downside risks to the outlook include the impact of the Russia-Ukraine war that has amplified the increase in fuel and food prices and global supply bottlenecks, a resurgence of the pandemic, uncertainty surrounding tourist arrivals and tightening of global financial conditions. Mauritius successfully exited the FATF list of jurisdictions under increased monitoring in October 2021. As from November 2021, the United Kingdom also removed Mauritius from its list of high-risk countries under its UK Money Laundering and Terrorist Financing Regulations 2021. Mauritius was also removed from the European Union List of high-risk countries shortly after. The delistings are important milestones for the Mauritius International Financial Centre and is credit positive for banks.

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Swan General Ltd (Jul 2022)

Swan General ("Swan") began operations in 1955, following the merger of The Mauritius Fire Insurance Company Limited (established in 1854) and The Colonial Fire Insurance Company Limited (established in 1871).

The company listed on the SEM in 1990. Currently, 75.4% of shares are held by three conglomerates. 24.6% of shares are in free float. The remaining 75.4% are indirectly held by three large conglomerates, which are all individually listed on the SEM, and have diversified business interests relating to resources, logistics, investments and services.

Swan General has twelve subsidiaries, notably Swan Life Limited (“Swan Life”), Swan Special Risks Company Limited, Swan General Insurance Company Zambia and Swan Reinsurance PCC. Swan Life is the core subsidiary of Swan General, contributing about 59.5% and 89.7% to group revenue and total assets, respectively.

The analytical approach has remained the same from prior years. As Swan General Limited is operationally critical to the wider group, the analytical approach is a group approach: that is an analysis on Swan General Limited and its subsidiaries (including Swan Life), referred to as (“the group” or “Swan Group”).

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Forty Two Point Two (Jul 2022)

Forty Two Point Two is an investment holding company, domiciled in Mauritius for over eight years. It was established as an investment vehicle through which key employees and senior management of Ninety One built a long-term investment in the founder-led global investment manager. Forty Two Point Two only invests in the dual-listed shares of Ninety One, holding a c.23.4% shareholding in the company as at February 2022.

Ninety One was founded in South Africa over 30 years ago and has been organically and sustainably grown into a global player with approximately GBP143.9bn in AUM as at 31 March 2022. Ninety One was initially founded as Investec Asset Management, operating independently within the broader Investec group. In March 2020, the entity demerged from Investec, rebranded as Ninety One and was separately listed on the London and Johannesburg Stock Exchanges.

Ninety One has a market leading position in its Southern African operations, while also reflecting material geographic diversification in developed regions such as UK, Europe, and North America. Furthermore, the client grouping is well spread across pension funds, public authorities, official institutions, insurance companies, private banks, wealth managers and corporates having been built up on the back of a long standing track record and good market acceptance/branding within the core markets. Ninety One also has a good product mix, with offerings across four asset classes.

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Forty Two Point Two (2021-06)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Forty Two Point…

Swan General Limited (2016-11)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Swan General Limited…

Swan General Limited (2017-02)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Swan General Limited…

Swan Life Limited (2016-11)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Swan Life Limited…

Swan Life Limited (2017-04)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Swan Life Limited…