Air Mauritius (MK, Mauritius) has announced it will acquire a 20% stake in the Mauritius Duty Free Paradise (MDFP) Co. from Airports of Mauritius (AML).

The carrier said in a stock exchange filing that the transaction is valued at MUR400 million Mauritian rupees (USD11.4 million) and will be paid through the issuance of 27 million ordinary Air Mauritius shares.

The move is aimed at improving Air Mauritius's efficiency by boosting integration with companies trading in the same sphere.

The Mauritius Duty-Free Paradise Co. runs duty-free shops at the island's international airport.

On Tuesday, April 2, Air Mauritius also announced it would issue MUR500 million (USD14.3 million) worth of preferred shares. It did not specify a reason.