Mauritian conglomerate Harel Mallac, listed on the Stock Exchange of Mauritius since 1991, has officially confirmed its migration from the official market (SEM) to the Development and Enterprise Market (DEM). A technical transition, but one that carries symbolic weight for the Port-Louis stock exchange.
Why the departure from the official market?
The reason is regulatory: Harel Mallac's publicly held capital (free float) has fallen below the 25% threshold required to maintain a listing on the official market. This slippage resulted from "transactions involving the group's shares carried out on the market independently of the company," as stated in its official communication. No strategic decision by the group is behind the situation.
The DEM: a fully regulated market
The DEM is not a secondary market. It brings together more than 30 listed companies and is a recognised, regulated market of the Stock Exchange of Mauritius, suited to mid-sized companies or those with a more concentrated shareholder base. Harel Mallac will remain fully tradable there, subject to the same transparency obligations.
A group in operational recovery
The migration comes against a backdrop of gradual improvement. In the first quarter of 2026, Harel Mallac posted revenue of Rs 798 million, up 11.6% year-on-year from Q1 2025. The group had returned to operating profitability in previous quarters following a restructuring phase. This migration does not alter its activities, strategy or financial results.
Why it matters
This move highlights the liquidity requirements of the Mauritius official market and the DEM's capacity to host major players. It also reflects the evolving ownership structure of the island's historic conglomerates, in a context where capital concentration remains a structural trend in Mauritius.