BRITISH
AMERICAN INVESTMENT CO. (MTIUS) LTD AND THE
JOINT
CAUTIONARY ANNOUNCEMENT
We refer to the cautionary announcement of British
American Investment Co (Mtius) Ltd (BAI) dated 29 December 2006, where it was
communicated that the Bank of Mauritius approved in principle its application
for a Banking Licence.
The Boards of BAI and The Mauritius Leasing Company
Limited (ML) would like to inform their respective shareholders and the public
in general that in implementation of one of the conditions to which that
approval is subjected, they will expand ML’s operations into a fully-fledged
bank, and the financial leasing operations presently carried out by ML will be
routed to a wholly owned subsidiary. In this respect, ML will issue a detailed
circular to its shareholders once the Banking Licence
is granted and approval from regulatory authorities has been received.
The Shareholders of BAI and ML and the public in
general would be kept informed of further developments in this matter and are
advised to exercise caution when dealing in the shares of BAI and ML.
By Order of the Boards
Swadeck Taher
Company Secretary
25 June 2007
This
communiqué is issued pursuant to Listing Rule 11.3.
The Boards of
Directors of BAI and ML accept full responsibility for the accuracy of the
information contained in this communiqué.