Alternative Capital Investments Limited has signed Share Purchase Agreement to acquire AXYS Group Ltd. from United Investments Ltd (MUSE:UTIN.I0000) for approximately MUR 1400 million on July 21, 2022. The Consideration is made up of a payment of MUR1,100M on closing, MUR300M deferred consideration to be paid in 2024 and an Earn Out based on an agreed mechanism to be paid by 2025. The SPA is subject to a number of Conditions Precedent including regulatory approvals.

Completion is expected at latest 30 September 2022. As of October 6, 2022, expected completion date of the transaction has been extended from 30 September 2022 to 30 November 2022. As of December 13, 2022, The Board of Directors of United Investments Ltd wishes to inform its shareholders that the sale of its financial services cluster referred to in the Cautionary Announcements dated 21st July and 06th October 2022 was not completed on 30th November 2022.

The Company is working with its Advisers and Alternativ Capital Investments Ltd towards ensuring completion of the conditions precedent including regulatory approvals. The Shareholders of UIL and the public at large will be kept informed of completion of the transaction and are advised to exercise caution when dealing in the shares of UIL. KICK Advisory Services acted as financial advisor and Ernst & Young LLP (UK) acted as Accountant to United Investments.