The future of Airport Holdings Ltd (AHL), a key player in Mauritius' aviation and airport operations, remains uncertain as the government weighs options for its future. Prime Minister Navin Ramgoolam announced in Parliament on October 28, 2026, that the government is considering either dismantling or restructuring AHL. The company, which holds assets worth Rs 47.8 billion, includes Air Mauritius, Airports of Mauritius Ltd, and Mauritius Duty Free Paradise among its subsidiaries.
The mixed signals from the Prime Minister have left the fate of AHL unclear. Initially, Ramgoolam stated that the government was considering dismantling AHL, citing steps already taken in this direction. However, in a subsequent response, he mentioned that the government was also examining a restructuring of AHL. This has left stakeholders wondering which path the government will ultimately choose. No timeline or operational details have been provided.
AHL was established in August 2021 as part of a plan to rescue Air Mauritius, which was under voluntary administration since April 2020. The holding company was tasked with consolidating various aviation-related assets and businesses. AHL has since grown to include around 15 active companies. The company's financials for the year ending June 30, 2025, show a net profit of Rs 127 million and total assets of Rs 47.8 billion.
The government's decision on AHL's future may also impact Air Mauritius' potential re-listing on the Stock Exchange of Mauritius. Ramgoolam stated that Air Mauritius must first consolidate its financial situation before considering a re-listing. The airline is still in a recovery phase after exiting voluntary administration. Strengthening its commercial fundamentals and ensuring financial viability are priorities.
The creation of AHL was accompanied by a Rs 12 billion advance from the government in September 2021 to support Air Mauritius. This financial assistance has been a subject of debate, with Ramgoolam previously criticizing the Mauritius Investment Corporation (MIC) for overvaluing its 49% stake in AHL. The MIC invested Rs 25 billion for a 49% stake, based on a valuation of Rs 51 billion.
The financial performance of AHL has been significant, with Megh Pillay taking over as Executive Chairperson on October 1, 2025. The company's assets are primarily comprised of its subsidiaries, valued at Rs 46.29 billion. Other notable assets include non-current assets of Rs 1.1 billion and cash equivalents of Rs 205.4 million. The company's equity stands at Rs 47.63 billion.
As the government deliberates on AHL's future, stakeholders will be watching closely for any developments. The two possible scenarios of dismantling or restructuring will have far-reaching implications for the aviation sector in Mauritius. The final decision will likely impact not only AHL and its subsidiaries but also the broader economy.
Key points
- The government of Mauritius is considering either dismantling or restructuring Airport Holdings Ltd, a holding company with assets worth Rs 47.8 billion.
- The future of Air Mauritius, a key subsidiary of AHL, may be impacted by the government's decision, including its potential re-listing on the Stock Exchange of Mauritius.
- AHL's financial performance has been significant, with a net profit of Rs 127 million and total assets of Rs 47.8 billion as of June 30, 2025.
