The period from 2007 to 2009 was a volatile one with a boom to bust financial market cycle being precipitated by a bubble in the US property market. The resulting chain reaction which would rattle the world into a global recession presented a number of challenges for PAD and its underlying investments. At the same time, this period also came with its share of opportunities and was an exciting phase for the company.
Le Caudan Waterfront had by now positioned itself at the heart of the Mauritian culture. Phase II was opened in 2008 and branded Dias Pier after Diogo Dias, the 15th century Portuguese explorer who was the first European to discover Mauritius in 1500.
Caudan Development Ltd’s 100% owned subsidiary Caudan Security Services now employed 800 staff and was rapidly becoming the country’s leading provider of security solutions. Caudan Development remained a 60% owned subsidiary and made up 15.2% of PADs portfolio.
As part of its 20-year masterplan, Medine Sugar Estates Company underwent a rebranding exercise and ‘Sugar Estates Company’ was dropped from the name. This change cemented the company’s new operational focus on the property development and leisure sectors on top of the agricultural segment.
Meanwhile Mauritius Freeport Development’s ambitious expansionary development of its logisitics Freeport platform on a land extent of 30 hectares across four phases welcomed a relief of its completion deadline from 2010 to 2012 in light of the prevailing economic conditions. While operating conditions remained tight due to the development costs, the trend remained positive and PAD maintained it’s 2.8% stake in the company valued at Rs 143 Million.