The Mauritius Development Investment Trust Company Limited (MDIT), incorporated in 1967 as the first approved Investment Trust in Mauritius, is also an Approved Investment Institution under the Stock Exchange Act 1988 and a Closed-end Fund authorised by the Financial Services Commission under the Securities Act 2005. MDIT is also one of the first companies to be listed on the Official List of the Stock Exchange of Mauritius (SEM) on June 29, 1989, at the same time as The Mauritius Commercial Bank Ltd (MCB), Omnicane Ltd, formerly Mon Tresor and Mon Desert Ltd (MTMD), which was MDIT’s main shareholder until March 31, 2010, and The United Basalt Products Ltd (UBP).
The board of MDIT is made up of non-executive and independent directors who have vast experience in their respective fields of expertise and participate actively in the board and committee meetings. MDIT is managed by Golden Fund Management Services Ltd, formerly Omnicane Fund Management Services Ltd, a wholly-owned subsidiary of Golden Foundation Ltd.
MDIT has played a major role over the last 48 years in the development of the financial sector and capital markets in Mauritius. Through its active involvement in the SEM, MDIT exerts a significant influence on the advancement of an industry, which is one of the main contributors to the country’s economic growth.
MDIT’s main income streams are derived from dividends and profits on sales of investments. As the investments of MDIT are in shares of companies that retain, on average, some 45% of their earnings, its policy is to distribute around 95% of its profit after tax on a cost basis. This policy together with the good performance of its well-diversified portfolio has over the years enabled the distribution of relatively higher dividend yields for investors.
