ENL and Rogers restructuring and reorganisation confirmed: Two new listed entities to launch in July
ENL and Rogers, now consolidated under the new ER Group, are pleased to confirm the successful completion of their corporate restructuring, following final approval from the Supreme Court of Mauritius. This transformational project, launched in November 2024 and endorsed by the Boards of both groups, was designed to simplify the shareholding structure, strengthen organisational agility, and better align with the operational realities of a unified group. With overwhelming shareholder support (100% for ENL and 97.8% for Rogers) and the validation of regulatory authorities, including the SEM, the green light from the Supreme Court clears the way for implementation effective 1 July 2025.
From July, all operational and investment activities of ENL and Rogers will be consolidated under ER Group, a unified organisation born from the merger of the two historic groups. This new structure reflects a long-standing partnership and marks the beginning of a bold new chapter for the group—one that is better aligned with its operational ambitions, streamlined governance, and shared vision for sustainable, inclusive growth.
ENL post-Scheme will hold a strategic portfolio including 13,300 arpents of agricultural land in Moka and Savannah, and a 25.38% stake in Société Hélicophanta.
This restructuring builds on a shared legacy dating back to 1971, when ENL became a shareholder of Rogers, eventually becoming the majority shareholder in 2012. In 2024, the collaboration deepened further with the integration of both headquarters into a joint Management Office, paving the way for what is now ER Group.
In an internal message to team members, Gilbert Espitalier-Noël, Group CEO of ENL and now Group CEO of ER, shared:
“I have always believed in the strength of what we could build collectively. Today, that belief becomes real with two remarkable entrepreneurial stories coming together. It is the natural evolution of a path we have already been walking since 1971, now continuing with renewed promise, in a single voice.”
Philippe Espitalier-Noël, CEO of Rogers, and now CEO of ER added:
“This moment also holds deep significance. It marks the closing of a chapter that spans centuries and has shaped who we are. ENL was born over two hundred years ago, and Rogers more than 125 years ago. Generation after generation, these two groups have played a central role in building the Mauritius’ economic and social fabric. We turn this page with emotion. Ahead of us lies a new chapter: bigger, bolder, and full of opportunities. A chapter we will write together.”
Management structure
Supported by the Management Office established in 2024 following the unification of ENL and Rogers’ head offices, Gilbert Espitalier-Noël will serve as Group CEO of both NewENLRogers, now ER Group and ENL post-Scheme.
Philippe Espitalier-Noël will lead the Group’s Finance, Hospitality & Travel, and Logistics segments within ER Group, as well as the territorial development of Bel Ombre and Case Noyale. He will also continue to drive the group’s sustainability agenda—one of the strategic pillars of our strategy.
A strengthened, diversified portfolio
At launch, NewENLRogers will bring together more than 7,400 employees across 13 countries, structured into seven key business segments: Agribusiness, Real Estate, Hospitality & Travel, Logistics, Finance, Commerce & Manufacturing, and Technology & Energy.
Gilbert Espitalier-Noël commented:
“With the know-how of our team members and a strong portfolio of respected brands, most of them leaders in their industry, we are poised not just for growth but for meaningful growth. This new chapter is led by a proud Mauritian enterprise, creating dynamic momentum across sectors and geographies, while reinforcing its national roots.”
Listings and valuation
ER Group will be listed on the SEM at Rs 41.50 per share on 9 July 2025, representing a 30% discount to its Net Asset Value (NAV) of Rs 59.66.
ENL post-Scheme will begin trading on 1 July 2025 at Rs 0.01 per share, in line with SEM requirements. It has a NAV of Rs 40.17 and has been valued by PwC at Rs 23.51 per share.
