Flacq United Estates Ltd. (FUEL), a Mauritian company with interests in sugar and energy production, rose to the highest in more than four years after a dividend announcement.
The stock advanced 17 percent, its biggest daily gain since Dec. 28, to 30 rupees at close, in Port Louis, the capital, its highest level since at least December 2007.
The company announced after market trading yesterday that it will distribute a dividend in specie of 3.92 rupees per share.
The dividend will be in the “form of shares of a special purpose vehicle which will hold 50 percent of the shares of Haute Rive Holdings Ltd.,” Flacq said in a statement published on the Stock Exchange of Mauritius website. Haute Rive is a joint venture with Indian Ocean Real Estate Co. for the development of a seaside village.
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