Since early 2025, ten companies have left the official listing of the Stock Exchange of Mauritius (SEM). Regulatory delistings, strategic withdrawals, mergers — this unprecedented wave raises serious questions about the attractiveness and liquidity of the Mauritian stock market.
A Multi-Factor Phenomenon
The reasons for departure vary widely. Four companies underwent internal restructuring: Caudan Development made way for PaD through a scheme of arrangement, ABC Banking was absorbed by ABCB Holdings, Rogers withdrew ahead of the NEWENL/Rogers listing, and Cavell Touristic Investments merged with Terra Hospitality and Leisure.
Two others were delisted for regulatory non-compliance: Crytel in June 2025 for "persistent failure to comply with applicable rules", and United Investments, placed under judicial administration (Insolvency Act 2009) in August 2025.
Capital concentration justified two further withdrawals: COVIFRA following consolidation by a single shareholder, and C-Care whose controlling stake rose from 67.41% to 92.76% after a substantial buyout.
Strategic Exits That Raise Questions
The last two departures may be the most revealing. PSG Financial Services left the market on 31 August 2026, explicitly citing "low liquidity" and excessive administrative costs of a stock exchange listing. Avanz Growth Markets followed on 7 September 2026.
These voluntary exits point to a structural problem: for some SMEs and niche companies, the Mauritian market simply does not generate enough trading volume to justify the regulatory burden and listing costs.
A SEMDEX Under Pressure
Net disinvestment reached Rs 1.1 billion in the second half of 2025. The SEMDEX fell 3.23% in Q4 2025 before partially recovering to reach 2,382 points — a gain of 73 points over the last semester.
The international comparison is unflattering: the MSCI World gained 10.5% over the same period, and the MSCI Emerging Markets 14.9%. The Mauritian exchange is struggling to attract foreign capital against major global indices.
Why It Matters
A stock exchange with fewer listed companies loses depth and liquidity — two criteria that are decisive for institutional investors. The SEM must find incentives to attract new issuers, particularly regional tech startups or digital sector companies, or risk seeing its attractiveness erode against competition from markets like Johannesburg or Nairobi.
Sources: ION News Mauritius, Stock Exchange of Mauritius