30 th June 2019 Update: The company’s portfolio is now made up of alcohol production and distribution (48 per cent),Binsurance – the Swan Group (22 per cent), property (15 per cent), the Jacques Li Wan Po Group (12 per cent) and other investments (3 per cent). During the year, the company purchased, via a wholly owned subsidiary IORC Holdings (IORCH), a 50 per cent stake in the Indian Ocean Rum Company (IORC) from Medine. IORC was a joint venture company between Medine and Berry Bros & Rudd (BBR) in the UK, set up to market the Penny. Blue, Pink Pigeon, and now Spice Hunter rums internationally.
The company has been going for almost 10 years, but sales have been below expectations. There is a new dynamic now at BBR, and both sides are confident that sales will pick up, especially as Spice Hunter has been very well received by the market. As a post balance sheet event, International Distillers (Mauritius) (IDM) will be joining the company in the capital of IORCH, so that each of the two companies will now have identical holdings in IORCH.
While EUDCOS portfolio is made up of solid defensive investments geared to the local economy, both Swan, with its African adventure, and IORC, with its international marketing drive, have an exposure beyond the bell buoy, which, hopefully, will lead to something meaningful in time.