In the mid-late 1980’s, shares were still traded at the ‘Chambre des Courtiers’, which staged a weekly price fixing by way of an auction, and these prices were used over the counter for the rest of the week. With investors’ confidence sapped, shares were trading at low prices. Investors were looking for dividend yield, and because companies were reinvesting in their growing businesses, shares were trading at P/E ratios of sometimes less than 1. PAD took advantage of these low prices by buying shares on a scatter gun basis, with little regard for portfolio composition. In 1989, the Stock Exchange of Mauritius (SEM) was created, and this took share prices a level higher. The MCB was among the first (of 5) companies to be listed that year. While PAD was building up a portfolio of shares and starting to develop the Caudan Peninsula, pressure was being felt on its finances. Three rights issues were undertaken between 1990 and 1996, culminating in PAD’s listing on the official list of the SEM in 1996.