Cim Finance has achieved a new milestone by becoming the first company to list green bonds on the Stock Exchange of Mauritius (SEM) this Wednesday, October 25, with Rs 1,100,000 of securities officially listed on the SEM.
To mark the event, a symbolic presentation ceremony of the Listing Certificate was held at the Hennessy Park Hotel, in the presence, among others, of the Minister of Financial Services, the Honourable Mahen Seeruttun; the CEO of the SEM, Sunil Benimadhu; the Chairperson of Cim Finance, Aisha Timol; and the Group CEO of Cim Finance, Mark van Beuningen.
This new issue, amounting to Rs 1,500,000,000, is part of Cim Finance’s strategy to become a trusted partner of investors and consumers in green finance. These bonds are issued in accordance with the Green Bond Framework established with the Financial Services Commission, according to which the group undertakes to use funds only to finance projects that are sustainable, socially responsible and have a positive impact on the environment.
It was in January 2022 that Cim Finance issued its first green bonds, for a nominal value of Rs 500 million. The proceeds from these investments made it possible to finance the Green Lease, a financial solution aimed at accelerating the transition to electric mobility and encouraging the adoption of a sustainable mindset.
The Green Bond Report issued by the company, in accordance with the commitments made under the Green Bond Framework, shows encouraging results. The Rs 500 million raised were fully deployed and made it possible to finance more than 230 electric vehicles, plug-in hybrid vehicles and hybrid vehicles with a level of less than 79g of CO2/km.
For Mark van Beuningen, the success of the first green bond issue demonstrates the market’s confidence in Cim Finance’s strategy to become a major player in green finance. “It is with great optimism that we are pursuing this strategy,” he declared. “We believe that, with our extensive client portfolio, we have a responsibility to play a leading role in improving the country’s resilience to the effects of climate change by guiding our clients towards decisions that will reduce the impact on our natural resources and our environment.”
If the Green Lease constitutes Cim Finance’s flagship project in terms of sustainable strategy, this pioneering company in credit solutions is actively working to make its operations more eco-friendly, in particular through the use of digital technology. After the e-Loan and the Instant Payment System (IPS), and the WhatsApp for Business platform, Cim Finance customers will have the opportunity to make payments through the MauCAS platform, using the QR code scanning option.
L to R: The Group CEO of Cim Finance, Mark van Beuningen, and the Chairperson of Cim Finance, Aisha Timol.
“We reiterate our desire to work alongside other national actors to build a more sustainable future for our country,” said Mark van Beuningen.
This new issue of green bonds, which will mature on November 4, 2024 with a coupon of 3.95% per year, reinforces the Group’s liquidity, by maintaining its financial flexibility and extending the maturity of its financing. The trading of these securities on the SEM begun on October 25, 2023, on which date 50 securities made available to investors at an indicative price of Rs 100,000 per ticket.
The framework governing Cim Finance’s green bonds complies with the Green Bond Principles of the ICMA (International Capital Market Association) and the Financial Services Commission’s guidelines for green bonds. The securities are rated AA by CARE Ratings (Africa) Private Limited (“CARE”).
