The Mauritius Chemical and Fertilizer Industry Limited (MUSE:MCFI.N0000) made an offer to acquire remaining 93.5% stake in Chemco Limited (MUSE:CHEM.I0000) for approximately MUR 130 million on September 26, 2018. The offer price of this acquisition is MUR 22.59 per share in cash. Before this transaction, The Mauritius Chemical and Fertilizer Industry Limited intends to acquire 5.8 million shares of Chemco Limited. On closing, The Mauritius Chemical and Fertilizer Industry Limited will hold 100% stake in Chemco Limited. The offer is subject to the prior approval of the Financial Services Commission and guidance by the Competition Commission of Mauritius. The offer is also conditional upon the approval by the shareholders of The Mauritius Chemical and Fertilizer Industry Limited. As per meeting held on January 29, 2019, the shareholders of MCFI approved the transaction.