At a Glance
- SEM hosts top regional firms driving finance, energy, telecom, retail, and real estate growth.
- Mauritius strengthens its role as a trusted gateway linking African markets to global investors.
- Leading companies reflect stable regulations, rising foreign interest, and expanding cross-border operations.
The Stock Exchange of Mauritius (SEM) has grown into one of Africa’s most active and connected markets, attracting investors from Asia, Europe, and across the continent.
With a total market value of MUR376.98 billion ($8.16 billion), it has become a trusted financial gateway for companies in banking, energy, telecoms, real estate, and consumer goods.
Global confidence in Mauritius’ transparent regulations and steady economic management continues to draw foreign capital.
These firms reflect the island nation’s open economy and its drive to become a financial hub in the Indian Ocean. More than a national marketplace, the SEM has evolved into a regional platform where capital meets opportunity.
As foreign investors, multinationals, and regional banks look toward Africa’s next growth frontier, Mauritius has positioned itself as a trusted bridge for trade, finance, and innovation.
Shore Africa highlights the 21 most valuable companies on the SEM as of the close of market on Nov. 21, 2025 and what their market strength means for Mauritius’ growing role in regional finance.
1. PSG Financial Services Limited
Listed on Nov. 27, 2018
Market Cap.: $1 billion
PSG Financial Services Limited headquartered in Tyger Valley, Bellville, South Africa is previously PSG Konsult, a prominent financial services group primarily operating in South Africa and Namibia. The group’s activities span investment management, stockbroking, insurance, financial planning, healthcare brokerage, employee benefits, and the management of local and foreign unit trusts, catering predominantly to individuals and enterprises.
2. Ireland Blyth Limited(IBL)
Listed on July 14, 2016
Market Cap.: MUR20.3 billion ($439.53 million)
Industry: IBL is a diversified conglomerate with a strong presence across Retail, Consumer Brands & Distribution, Industrials, and Services sectors.
The Group is a significant regional force engaged in a wide range of activities. Its core operations span four clusters: Retail (supermarkets/hypermarkets like Naivas, Winners, and Run Market), Consumer Brands & Distribution (including beverages, FMCG, and healthcare distribution via PhoenixBev and HealthActiv/Harley’s), Industrials (construction, engineering, shipbuilding, seafood, and agri-energy through UBP, CNOI, and Alteo), and Services (hospitality, property, financial services, and logistics with key entities like The Lux Collective, BlueLife, and DTOS). The strategic focus is on becoming a more cohesive, connected Group, leveraging expertise across its diverse portfolio.
3. SBM Holdings Ltd
Listed on Oct. 3, 2014
Market Cap.: MUR19.4 billion ($420.05 million)
Industry: Banking and Financial Services SBM Bank (Mauritius) Ltd, a cornerstone of SBM Holdings Ltd, is a leading banking and financial services provider with a significant footprint in key economic sectors within Mauritius. Established in June 1973, the Bank delivers a comprehensive array of customised and innovative financial solutions to a wide range of customers, including Retail, Private Banking and Wealth Management, Microfinance, Small and Medium Enterprise (SME), Corporate, International Banking, Financial, Government and Non-Government Institutions. The SBM Group also operates in India, Kenya, and Madagascar, leveraging its strategic position to foster growth across diversified markets. The Bank focuses on continuous digital transformation, enhancing operational efficiencies, and strengthening market competitiveness through initiatives like the launch of SBM Tag, a new mobile banking application, and strategic partnerships with global leaders in digital transformation.
4. CIEL Limited
Listed on Feb. 4, 2014
Market Cap.: MUR14.8 billion ($320.45 million)
Industry: Diversified Investments and Operations CIEL Limited is a leading Mauritian investment company with a diversified portfolio across six key sectors: Finance, Healthcare, Hotels & Resorts, Property, Textile, and Agro. With operations spanning over 10 countries, including East Africa, South Asia, and the Indian Ocean, CIEL delivers excellence through innovative strategies and a disciplined investment approach. The Group’s focus on sustainability and operational efficiency ensures long-term value creation for all stakeholders.
5. Vivo Energy Mauritius Limited
Listed on Jan. 1, 2012
Market Cap.: MUR13.5 billion ($292.3 million)
Vivo Energy Mauritius Limited operates within the dynamic energy sector, serving the Mauritian market with essential fuels and lubricants. Established in 2011, Vivo Energy Mauritius is the driving force behind the Shell brand in Mauritius. The company’s core business activities encompass the sourcing, distribution, marketing, and supply of high-quality fuels and lubricants. This is achieved through an extensive network of service stations and direct engagement with commercial customers. Additionally, Vivo Energy Mauritius is expanding its non-fuel retail offerings, providing convenience retail shops, quick-service restaurants, and other services like car washes, to enhance the customer experience.
6. ER Group Limited
Listed on July 9, 2025
Market Cap.: MUR11.1 billion ($240.34 million)
Industry: Diversified Conglomerate (Agribusiness, Real Estate, Hospitality & Travel, Logistics, Finance, Commerce & Manufacturing, Technology & Energy) ER Group is a leading Mauritian organisation, newly listed on the Official Market of the Stock Exchange of Mauritius, following the strategic merger of the ENL and Rogers groups. With over 200 years of combined experience, the group operates across seven distinct, high-value segments: Agribusiness, Real Estate, Hospitality & Travel, Logistics, Finance, Commerce & Manufacturing, and Technology & Energy. The group is actively expanding its global footprint, operating across 13 territories worldwide, with a strategic focus on the East African and Indian Ocean region to generate a significant portion of its future revenue in hard currencies.
7. Cim Financial Services Ltd
Listed on Jan 1, 2006
Market Cap.: MUR11 billion ($238.17 million)
CIM Financial Services Ltd (CFSL) is a leading financial services company headquartered in Mauritius. The company specialises in consumer finance, SME financing, leasing, and investment solutions, serving a wide spectrum of customers across Mauritius and the wider region. Through its strategic approach, CFSL continues to expand its offerings in digital finance and financial technology-driven services.
8. Phoenix Beverages Limited
Market Cap.: MUR10.5 billion ($227.34 million)
Industry: The Group operates primarily within the Fast-Moving Consumer Goods (FMCG) and Manufacturing sectors, specifically beverage production and distribution, and glass manufacturing.
Core Business Activities: Phoenix Beverages Limited (PhoenixBev) is a leading beverage manufacturer, specialising in the brewing of beer, and the bottling and sale of beer, soft drinks, table water, and alternative beverages. Additionally, the Group is involved in the manufacture and sale of glass-made products. Key operations include production, bottling, and distribution sites across Mauritius, Réunion Island, and Seychelles. The Group distributes over 50 brands locally and regionally, with export markets extending to Australia, China, France, and the United Kingdom, reinforcing its vision as a regional hub for the Indian Ocean.
9. African Export Import Bank
Listed on Jan. 1, 2000
Market Cap.: $190 million
Industry: Financial Services – Development Finance, Trade Finance, Export-Import Banking
Afreximbank is a leading pan-African multilateral financial institution headquartered in Cairo, Egypt. It plays a pivotal role in advancing Africa’s trade and economic integration by providing innovative financial solutions and development-driven strategies to member states across Africa and the Caribbean.
10. New Mauritius Hotels Limited
Listed on June 1, 1996
Market Cap.: MUR7.8 billion ($168.91 million)
New Mauritius Hotels Limited is a publicly traded company listed on the Stock Exchange of Mauritius. As a leading player in the hospitality industry, we offer investors an opportunity to invest in the growing tourism sector in Mauritius. Our diverse portfolio includes luxury resorts, budget-friendly hotels, and villas, located in prime locations throughout the island.
11. Bayport Management Limited
Listed on Jan.1 , 2003
Market Cap.: $153.9 million
Industry: Financial Services
Bayport Management Ltd is a leading provider of retail financial services headquartered in Ebene, Mauritius. With operations spanning Africa and Latin America, the company is listed on the Stock Exchange of Mauritius and holds a Global Business Licence issued by the Financial Services Commission (FSC).
12. MCB Group Limited
Listed on Jan. 1, 1989
Market Cap.: $113.7 billion
MCB Group is a prominent regional banking and financial services provider, offering a comprehensive range of tailored and innovative solutions. Headquartered in Mauritius, the Group has strategically reinforced its footprint across its home markets in the Indian Ocean and deepened its involvement in sub-Saharan Africa. The Group operates under three core clusters: ‘Banking’, ‘Non-banking financial’, and ‘Other investments’. Its primary banking subsidiary, MCB Ltd, delivers a wide array of financial products and services, including retail, private wealth management, business banking, and corporate and institutional solutions.
13. Emtel Limited
Listed on July 5, 2024
Market Cap.: MUR10.4 billion ($225.18 million)
Emtel Limited is a leading telecommunications company and one-stop ICT solutions provider operating in the dynamic technology sector. As a pioneer in the industry, Emtel is committed to driving digital transformation in Mauritius and beyond.
14. Sun Limited
Listed on Jan. 1, 1992
Market Cap.: MUR8.4 billion ($181.88 million)
Industry: Hospitality, Properties, and Services. SUN operates primarily in the leisure and tourism sector, focusing on premium mid-to-upper segment resort management and property development. Core Business Activities Sun Limited, now operating under the Sunlife brand following a strategic demerger, is an investment holding company that owns and/or manages a focused portfolio of iconic beachfront resorts in Mauritius. The core portfolio comprises Sugar Beach (5-star deluxe), Long Beach (5-star), La Pirogue (4-star deluxe), and Ambre (4-star). The Group’s operations extend beyond hotel management to include dedicated property development, notably the ongoing La Pirogue Residences project slated for late 2026 delivery. The Group reinforces its integrated tourism model through wholly-owned tour operators: Solea in France and World Leisure Holidays (Pty) Ltd in South Africa, alongside marketing offices in London, Paris, and Frankfurt, and representation in Spain, Russia, and the Middle East. Furthermore, as of 1 July 2025, Sunlife expanded its management footprint to include Anahita Golf & Spa Resort, creating key synergies in the high-end East Coast market.
15. Medine Ltd
Market Cap.: MUR6.8 billion ($147.23 million)
Industry: Diversified Business Operations including Agriculture, Property, Education, and Hospitality Core Business Activities: Medine Limited is a multifaceted company operating in key sectors that drive Mauritius’ economy. Established over a century ago, the company has diversified its operations across agriculture, real estate, lifestyle, hospitality, and education. Medine is a pioneer in transforming agricultural land into modern urban and lifestyle spaces, creating sustainable developments that cater to the evolving needs of its customers. Its flagship projects include the Medine Smart City, Casela Nature Parks, and West Coast International Primary School.
16. Lux Island Resorts Limited
Listed on Nov. 1, 2005-
Market Cap.: MUR6.6 billion ($142.90 million)
Industry Hospitality and Tourism
Lux Island Resorts Ltd is a leading hospitality company based in Floréal, Mauritius. The company specialises in providing luxurious and sustainable holiday experiences across prime destinations in the Indian Ocean, including Mauritius, the Maldives, and Réunion Island.
Core Business Activities Lux Island Resorts Ltd owns and operates a portfolio of world-class resorts under the iconic LUX brand. Each resort offers bespoke experiences tailored to discerning travellers, ranging from serene beachfront retreats to vibrant, activity-packed destinations. The company also integrates sustainability into its operations, ensuring minimal environmental impact while delivering exceptional guest services. With award-winning properties such as LUX Grand Baie, LUX Belle Mare, and LUX South Ari Atoll, Lux Island Resorts is committed to redefining luxury hospitality.
17. Ascencia Limited
Listed on Dec. 23, 2008 –
Market Cap.: MUR4.9 billion ($106.09 million)
Ascencia Limited is a commercial property fund with an investment portfolio comprising quality income earning properties located in Mauritius. The company specialises in retail properties where the company engages in the acquisition, investment and investment holding of real estate properties on the Mauritian island. Ascencia Limited (Class A shares) operates shopping malls locally and regionally.
18. Terra Mauricia Ltd
Market Cap.: MUR4.7 billion ($101.76 million)
Terra Mauricia Limited is an investment holdings conglomerate that is engaged in the production and distribution of alcoholic products, such as wine and spirits, and cane spirits, as well as sale of various consumable goods, production and sale of electricity from coal and bagasse. The company also manufactures and sells hollow concrete blocks, aggregates, rock sand products, rents properties and engages in the property development and promotion activities that include, site identification and surveying, project conception, market survey, administration, project management, as well as marketing and sale. Terra Mauricia Limited operates within the segments of sugar, commercial and alcohol production, and energy. The company is based in Mauritius.
19. Gamma Civic Limited
Listed on Nov. 1, 1994
Market Cap.: MUR4.3 billion ($93.1 million)
Gamma Civic Ltd is a leading diversified investment holding company with core operations spanning essential sectors in Mauritius and extending across key African markets, positioned for sustainable long-term value creation. Core Business Activities: Foundations to Frontiers Operating with an investment holding and private equity mindset, Gamma Civic is structured around six distinct and strategic business clusters: Building Materials, Contracting (civil and building engineering), Real Estate (property investment and development), Lottery & Gaming Technology, Hospitality, and Financial Services. The Group’s main objective is to safeguard and enhance shareholders’ wealth by building sustainable businesses and delivering an acceptable level of return.
20. Universal Partners Limited
Listed on Jan. 1, 2017
Market Cap.: GBP65.5 million ($85.8 million)
Industry: Investment Holding, Private Equity, Financial Services, Human Capital Management, Healthcare, Technology, Energy. Core Business Activities: Universal Partners Limited (UPL) is a permanent capital investment holding company with a strategic focus on high-potential, growth businesses, primarily in the United Kingdom. UPL’s investment mandate also allows for up to twenty percent of funds to be invested in other regions. The company’s experienced leadership team is renowned for its strong track record in managing and growing successful businesses, providing strategic direction to its portfolio companies. UPL acts as a patient investor, aiming to maximise exit value without the typical constraints of traditional fund structures.
21. MUA Ltd
Listed on Jan. 1, 1993
Market Cap.: MUR3.7 billion ($80.11 million)
Industry: Insurance & Financial Services Headquarters: 4 Léoville L’Homme Street, Port Louis, Republic of Mauritius About MUA Ltd MUA Ltd is a leading regional insurance and financial services company, providing innovative solutions across Mauritius, East Africa, and the Indian Ocean. With a strong focus on general insurance, life insurance, pension administration, investment, savings, and stockbroking, MUA is committed to delivering financial security and peace of mind to individuals and businesses alike. Market Position MUA is the largest insurer by market capitalisation in Mauritius and holds a 21.9 percent market share in general insurance and a 14.6% market share in life insurance. With operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and Seychelles, the company is strategically positioned as a key player in the East African insurance landscape. Its strong financial foundation, customer-centric approach, and commitment to innovation make it a trusted insurance partner across the region.
