Group Profile

The Sugar Investment Trust is a body corporate established in 1994 by an Act of Parliament, the Sugar Industry Efficiency Act. It operates on a commercial basis under the Companies Act 2001. SIT is also an Approved Investment Institution falling under the rules and regulations of the Stock Exchange of Mauritius.


SIT was set up as a participation scheme offering sugar cane planters and employees of the sugar industry the unique opportunity to participate in the ownership of sugar milling companies through equity. The company’s investments ensued with participation in the equity of power generating companies and setting its foot in the leisure sector with the setting up and operation of a water-theme park.

The company has also successfully acquired a substantial land bank for cane growing activities and agricultural and property development projects.

The SIT Group consists of the parent company and multiple subsidiaries as shown in the following chart.



Over the years, SIT Group has grown into a rare and successful model of economic democratisation and empowerment. Both as the country’s largest shareholder-based private equity firm and one of its most reputable property developers, the importance of SIT Group in the economy cannot be overlooked. The shareholding within SIT Group is detailed in the following tables:


 

SIT

SITLH

Shareholder Category No of Shareholders Percentage shareholding (%) No of Shareholders Percentage shareholding (%)

Employees

22,920 33.22 2,316 13.64

Planters

12,343 24.12 2,919 20.70

Others

2,954 5.23 9,906 6.03
Pensioners 2,423 1.92 167 1.28
Corporate Bodies 61 35.51 134 2.34
1 Founder Share held by SIT     1 0.01

Total

40,701

100.00

15,443

100.00

 

SIT Group’s asset base is comprised of a land bank of nearly 1055 Hectares which is currently under cane cultivation, out of which 253 Hectares already enjoy land conversion rights. Average cane production over the last years stood at 70,000 tons, equivalent to an average sugar production of 7,000 tons. The land is managed by SIT Land Holdings Ltd with a dedicated team of 136 employees.

Over the last decade, the Group has consolidated its investments in the property development market which has become its core business activity and the biggest contributor to the Group’s turnover.

With a remarkable track record in bringing to market several high-profile agricultural, residential and mixed-use developments across the island, SIT is today widely recognised as one of the most credible, capable and trustworthy property developers on the island.

Since the creation of the company, no less than 2,338 residential and 3,060 agricultural plots of land have been successfully sold out; indeed a strong testimony of SIT’s objective of land democratisation and its firm commitment in achieving a leading position in the property development market.

 

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The property development activities of the Group have for the past years contributed more than 50% to turnover.

The well-structured and dedicated professional in-house expertise it has built in land and property development coupled with its ability to team up with the best professional services across a wide range of projects has equipped SIT Group with unparalleled knowhow to benefit fully from the many opportunities the property development sector beholds.

Amongst our latest achievements is namely the upscale integrated property development project, Aurea-Living Harmony, which comprises a mix of residential (residential plots, apartments, duplexes), commercial, light industrial, educational and recreational land uses over 259 arpents at Cote d’Or.

Another notable achievement is our landmark office building project, The CORE - Community of Operators in Reach of Excellence. With its distinctive architecture and prominent position, The CORE clearly differentiates itself from neighbouring existing buildings, positioning itself as Ebene’s most impressive building to date.

Aurea-Living Harmony and The CORE clearly demonstrate our commitment to consolidate our investments and leading position in the property development sector, thus ensuring maximum benefits for the Group and our shareholders.

Recently, we have also embarked on a number of other development projects which are due for completion in the near future. Amongst these figure Domaine Deux Bras and Domaine Ile d’Ambre, both agricultural morcellements, and SIT Business Centre which comprises of stylish and fully-fitted office spaces offered for rental in NG Tower in Ebene.

SIT is constantly on the lookout for new and viable property development projects to ensure sustainable business growth for the Group and enhanced income generation for its shareholders.

The Group’s investment in the property development is poised for further strengthening. To further exploit the potential of a sizeable land bank and unlock maximum value, SIT Group is planning to engage in up-market hospitality developments for which it is currently seeking to identify potential partners of relevant calibre and expertise to partner with.

For more information about Aurea Residences, visit: www.aurea.mu
For more information about The CORE, visit: www.core.mu