Port-Louis, March 4: In a press release, the MCB Group has announced that it acted as the exclusive Financial Adviser and financing partner to Beta Oil Terminal Ltd (Beta Oil), a subsidiary of Bhunjun Group, on its acquisition of Engen Petroleum (Mauritius) Limited.
The transaction, which has received final regulatory approval, marks a significant milestone across the energy sector in Mauritius. The investment banking arm of MCB Group, MCB Capital Markets, acted as the exclusive Financial Adviser on the transaction, while the Group’s corporate banking arm, MCB Bank, has provided debt financing for the acquisition aspect.
Drawing upon its strong balance sheet and longstanding relationship with the Bhunjun Group, MCB has delivered a tailored and integrated solution to support the successful completion of the deal.
In context, this transaction underscores MCB Group’s ability to provide end-to-end advisory and financing solutions, reinforcing its position as a trusted partner for strategic and transformative transactions in Mauritius and spanning across the region.
This milestone represents a landmark development in the Mauritius downstream petroleum sector, making Bhunjun Group the first locally-owned group to acquire and operate a nationwide petroleum distribution and service station network.
Following completion, Beta Oil takes over and holds 100 percent of Engen Mauritius shares, which comprises a network of 37 service stations and the associated storage, distribution, and operational infrastructure.
The acquisition marks Bhunjun Group’s strategic entry into the retail distribution of petroleum products in Mauritius, building on its established expertise in petroleum logistics and supply-chain management.
The transaction ensures the continuity of operations, with the existing operational management team, employees, commercial arrangements, dealer agreements, and supply contracts all remaining in place.
Chief Executive Officer of Bhunjun Group, Veekram Bhunjun, commented: “This acquisition represents a major strategic milestone for Bhunjun Group and Beta Oil, making us the first group in Mauritius to own and operate a petroleum distribution network locally. The transaction allows us to enter the retail fuel distribution segment with a strong operational platform and continuity for all stakeholders. We would like to thank MCB Capital Markets for its disciplined execution and strategic advice throughout a highly competitive acquisition process, as well as MCB Bank for its support through the provision of debt financing.”
While the Chief Executive Officer of MCB Capital Markets, Rony Lam, commented: “Advising Beta Oil on this landmark transaction reinforces MCB Capital Markets’ position as a trusted adviser to clients that undertake transformational acquisitions. Our role on this transaction reflects our ability to deliver high-quality M&A advice, combining strong execution discipline with a clear understanding of competitive sale dynamics.”
Senior Vice President, MCB Capital Markets, Neermal Shimadry, commented: “We are pleased to have accompanied a local buyer in a competitive acquisition process, where the seller was advised by international investment banks. This transaction stresses our ability to advise local corporates in acquiring strategic assets through international auction processes, competing effectively with global financial advisors.”
Head of Mauritian and Regional Corporates at MCB Bank, Aldo Sydonie, commented: “We are pleased to have supported Bhunjun Group and Beta Oil by providing the debt financing for this acquisition. This transaction reflects MCB Bank’s commitment to backing leading corporates on the island as they pursue strategic growth opportunities, working closely with MCB Capital Markets to support our clients’ long-term ambitions.”
