Gamma
Gamma Civic Ltd is a Mauritius-listed (SEM, since 1994) diversified investment holding company operating across building materials (Kolos Cement, Gamma Materials, Alpha Ciment in Madagascar), construction contracting, real estate, lottery and gaming technology (Lottotech, LudWin), hospitality (Hilton Mauritius), financial services (Jasiri), and shared services, serving construction firms, government, hardware retailers, lottery players, and tourists.
- Company typePublic
- Founded1961
- HeadquartersEbène, Mauritius
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Gamma does
Gamma Civic Ltd is a Mauritius-domiciled public investment holding company listed on the Stock Exchange of Mauritius since 1994 (ticker: GAMMA), operating a diversified portfolio across seven segments: Building Materials (Gamma Materials Ltd, Kolos Cement Ltd, Alpha Ciment SA), Contracting (Gamma Construction Ltd, ISO 9001:2015 AAA-grade), Real Estate (Gamma Land Ltd, including properties such as the Hilton Mauritius Resort & Spa, Standard Chartered Tower, Burford House), Lottery & Gaming Technology (Lottotech Ltd running the Mauritius National Lottery, plus LudWin Group SAS extending gaming technology to multiple African countries), Hospitality (Hilton Mauritius Resort & Spa operated by Hilton International), Financial Services (Jasiri Investment Ltd across Africa), and Shared Services (Gamma Corporate Services Ltd and GammaTech Ltd). The group employs 1,500+ staff across Mauritius, Madagascar (via the February 2024 Alpha Ciment acquisition), and Africa, and operates Cementis Madagascar as the only industrial cement producer in Madagascar.
The core operations follow vertical-integration logic in the construction value chain: cement and building-materials manufacturing (including Kolos Slag Cement CEM III/A 42.5N, Mauritius' first low-carbon cement, the Pallet-less System packaging, and the Gamma R recycled-materials initiative) feed an AAA-grade contracting business that delivers residential, commercial, industrial, and infrastructure works, complemented by real-estate development. The lottery segment runs an integrated physical-retail and digital distribution network for Loto, Loterie Vert, and sports pool games, supported by WLA Level 4 responsible-gaming certification (highest global standard, recertified for the third time in 2026) and partnerships such as the Super U/Checksa QR-code campaign and a benchmarking engagement with Senegal's LONASE. Hospitality and shared services round out the portfolio, with Gamma Foundation and Bâtir Agir Foundation carrying the group's CSR programs.
Revenue mechanics are diversified and tied to multiple industry cycles. Building materials and cement generate hardware-style bulk sales to construction firms and hardware stores (quincailleries). Contracting and real estate generate one-time project and licensing revenue. Lottery and gaming generate transaction-fee-style recurring revenue from retail and digital channels, with Mauritian gambling regulation (GRA licensing) and WLA standards gating the franchise. Hospitality generates recurring stay and F&B revenue under Hilton International management. The group's go-to-market blends direct B2B sales to enterprise construction firms and government infrastructure projects, channel sales through hardware-store and lottery retail networks, franchise/management partnerships (Hilton, Colas via IPF, Cemindo Gemilang), CSR-led brand building (Gamma Foundation, LottotechSeeds accelerator, École des Maçons), and investor-relations communications to public-market participants in Mauritius.
Gamma firmographics
Firmographics- Name
- Gamma
- Legal name
- Gamma Civic Ltd
- Website
- https://gamma.mu
- Company type
- Public
- Founded year
- 1961
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Gamma Civic Ltd is a Mauritius-listed (SEM, since 1994) diversified investment holding company operating across building materials (Kolos Cement, Gamma Materials, Alpha Ciment in Madagascar), construction contracting, real estate, lottery and gaming technology (Lottotech, LudWin), hospitality (Hilton Mauritius), financial services (Jasiri), and shared services, serving construction firms, government, hardware retailers, lottery players, and tourists.
- Ownership category
- akta.pro rank
Gamma industry classification
Industry- Product category
- Diversified Investment Holding Company
- NAICS
- Commercial and Institutional Building Construction (236220)
- SIC
- Investors, Nec (6799), Concrete Products, Except Block & Brick (3272), Non-Operating Establishments (9995)
- akta.pro primary industry
- Government & Civic Building Construction (Courthouses, City Halls, Public Safety) (IMAFACAF)
Keywords
Where Gamma is headquartered
LocationHeadquarters
- HQ city
- Ebène
- HQ country
- Mauritius
- HQ region
- Africa
Offices2 records
Markets served
Gamma business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Building Materials Manufacturing and Sales: Production and supply of aggregates, ready-mix concrete, blocks, precast items, and cement through Gamma Materials Ltd, Kolos Cement Ltd, and Alpha Ciment S.A. Revenue from bulk sales to construction firms and smaller hardware store retailers.
- Construction and Contracting Services: AAA-grade contractor providing residential, commercial, industrial building, luxury villa construction, hotel renovation, road networks, bridges, and infrastructure works through Gamma Construction Ltd.
- Real Estate Development: Property management and new real estate project development through Gamma Land Ltd, including Hilton Mauritius Resort & Spa, Standard Chartered Tower, Huawei House, and Burford House.
- Lottery and Gaming Operations: Operation of Mauritius National Lottery and gaming activities through Lottotech Ltd, including Loto, Loterie Vert, and sports pool games via Pool Joseph Merven Ltd subsidiary. LudWin Group SAS provides strategic advice and technology to gaming operators across multiple countries.
- Hospitality Services: Five-star luxury resort operations through Morning Light Co Ltd (Hilton Mauritius Resort & Spa), managed by Hilton International.
- Shared Services: Legal, secretarial, technology (GammaTech) and other support services provided to subsidiaries, associates and joint venture companies.
- Financial Services Investment: Investment in financial services sector across Africa through Jasiri Investment Ltd (founded 2018).
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Gamma product offering
Product offeringCore offering
Gamma Civic Ltd is a diversified investment holding company operating across seven key sectors: building materials manufacturing (cement, aggregates, ready-mix concrete, blocks), construction contracting services, real estate development, lottery and gaming operations, hospitality, financial services, and shared services. The company sells cement products and construction materials, provides construction contracting for residential and infrastructure projects, operates the Mauritius National Lottery, and runs the Hilton Mauritius Resort & Spa.
Differentiator
Problem solved
Functional benefit
Brands
- Gamma R: Initiative dedicated to producing recycled building materials, launched in 2024 to reduce the industry's environmental footprint and advance circular economy practices.
- LottotechSeeds
- Kol os Slag Cement CEM III/A 42.5N
- Gamma Foundation
- Bâtir Agir Foundation
- École des Maçons
Products and services
- Building Materials (Gamma Materials Ltd) Production and supply of aggregates, ready-mix concrete, blocks, and precast items for construction projects across Mauritius. Targets construction firms, infrastructure developers, hardware stores, and government projects.
- Kolos Cement Products Cement production and distribution in Mauritius through Kolos Cement Ltd. Cement market leader in Mauritius, available in 25kg bags for major infrastructure developers to individual homeowners. Listed on Development & Enterprise Market (DEM) since 2018.
- Alpha Ciment Cement (Madagascar) Cement production in Madagascar through Alpha Ciment SA, the only industrial cement producer in Madagascar. Strengthens Gamma's regional leadership in the Building Materials cluster.
- Gamma Construction Contracting Services
Quantifiable outcome
- 1,500+ employees across the Group
- +5 more outcomes
Companies that use Gamma
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
Gamma technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Gamma partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- ChecksacoreLottotech collaborated with Checksa for Super U lottery campaign - customers scanned Checksa QR code for lottery entries. Lottotech conducted grand draw ensuring transparency.
- Ministry of Health, Blood Donors Association, Road Traffic BranchminorKolos Cement hosted public health and safety awareness event at Bagatelle Mall with Ministry of Health, Blood Donors Association, and Road Traffic Branch providing free screenings and road safety education.
- LONASE (La Loterie Nationale Sénégalaise)minorSenegal's national lottery operator conducted benchmarking visit to Lottotech for knowledge exchange on operational infrastructure, distribution models, governance, and responsible gaming practices.
- Titan Supermarket and CaterflyminorKolos Cement, through Batir Agir Foundation, partnered with Titan Supermarket and Caterfly for 'No to Poverty and Zero Hunger' initiative distributing 440 food packs to 500 families.
- Hilton InternationalcoreHilton International manages and operates Hilton Mauritius Resort & Spa, a luxury five-star international resort owned by associate company Morning Light Co Ltd. This franchise/management partnership is central to Gamma's hospitality segment.
- Ingénierie et Participation Financières (Colas S.A.)coreShared control and management of Gamma Materials Ltd with IPF, a member of Colas S.A., bringing international expertise to Mauritius building materials operations.
- Cemindo Gemilang (Indonesia)coreGamma partnered with Cemindo Gemilang for acquisition of Cementis Madagascar (now Alpha Ciment SA), the only industrial cement producer in Madagascar, strengthening regional leadership in Building Materials cluster.
- World Lottery Association (WLA)coreLottotech adheres to WLA Responsible Gaming Framework and achieved Level 4 certification (highest global standard) for responsible gaming, security and operational integrity, recertified for the third time in 2026.
- La Turbine / ENL GroupminorKolos partnered with La Turbine's Test Drive program (startup incubation) for innovation and sustainable development in construction. Kolos FutureBuild Award presented to startup 6eme Larou.
- DKD Plastic Pipes LtdminorLocal plastic recycler partner for Retourn to Plastik campaign - collects recyclable plastic from Kolos cement bag packaging and transforms into isorange conduits (polypipes).
- National Blood Transfusion ServiceminorLottotech partnered with National Blood Transfusion Service for blood donation drive, contributing more than 75 pints of blood to support hospitals and patients across Mauritius.
- Missouri Botanical Garden, Commune of Ibity, Ortan, Red CrossminorAlpha Ciment (Madagascar) collaborated with multiple organizations for Trail d'Ibity 2025 - community running event to fight childhood malnutrition, with proceeds to Ibity Nutrition Centre.
- Centre d'AmitiécoreGamma Foundation partnered with Centre d'Amitié, pre-primary school and nursery in Bambous, for #GiveDreamsAChance program providing daily meals, school supplies, and teaching staff funding.
- CEDTI / Institut Français de MauriceminorKolos Cement sponsored CEDTI Colloquium 2025 on 'Living on the Edge: Coastal Transitions in Indian Ocean', including 'Reshaping the Edge' design competition for climate-resilient housing.
- MITD (Mauritius Institute of Training and Development)minorKolos Cement runs École des Maçons masonry training program in partnership with MITD, offering 130 hours of free training to participants.
Scale indicators14 records
Recent moves11 records
Expansion highlights6 records
Gamma competitors and assessment
Company assessmentBroad incumbents
- Holcim Group: Global cement and aggregates incumbent; historically the foreign parent of Kolos Cement before Gamma's 2015 acquisition. Provides direct read on cement market dynamics relevant to Gamma's core building materials business.
- Beachcomber Resorts: Long-established Mauritius hospitality group operating multiple four- and five-star resorts. Comparable on Hilton Mauritius as a competitor in the same luxury hotel market.
Others
- Colas SA: French road construction and building materials group; shares joint control of Gamma Materials Ltd via its subsidiary IPF. Comparable as a strategic partner and large construction-materials player.
Direct peers
- IBL Ltd: Leading Mauritius-listed conglomerate (SEM) operating across multiple sectors including food, retail, real estate, financial services, and logistics. Most directly comparable to Gamma's diversified conglomerate model on the same primary exchange.
- Harel Mallac: Mauritius-listed group with diversified operations spanning technology, building products, and services. Operates as a comparable diversified holding on the SEM.
- Alteo Limited: Mauritius-listed conglomerate active in energy, real estate, hospitality, and manufacturing. Comparable in scale and multi-sector structure to Gamma Civic Ltd.
- CIEL Group: Mauritius-listed diversified conglomerate with investments in financial services, healthcare, real estate, hospitality, and textiles. Closely mirrors Gamma's PE-style governance and multi-sector holding structure.
- ENL Group: Mauritius-based conglomerate with interests in tourism, real estate, logistics, financial services, and innovation. Already a commercial partner of Gamma via La Turbine's Test Drive program, operating in overlapping sectors.
Regional players
- Cemindo Gemilang: Indonesian cement producer that partnered with Gamma to acquire Alpha Ciment (Madagascar) in 2024. Directly comparable on operations in Madagascar and as a regional cement peer.
- LONASE (La Loterie Nationale Sénégalaise): Senegal's national lottery operator that conducted a benchmarking exchange with Lottotech in December 2025. Comparable as a peer national lottery operator in the African market Gamma is targeting with LudWin.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Gamma social profiles
Digital presenceGamma financial estimates
Financial estimateRevenue estimate
Valuation estimate
Gamma leadership team
Management profileNumber of profiles
Profiles21 records
Gamma subsidiaries and ownership
Company hierarchySubsidiaries12 records
Gamma funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Gamma M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Gamma
What does Gamma do?
Gamma Civic Ltd is a diversified investment holding company operating across seven key sectors: building materials manufacturing (cement, aggregates, ready-mix concrete, blocks), construction contracting services, real estate development, lottery and gaming operations, hospitality, financial services, and shared services. The company sells cement products and construction materials, provides construction contracting for residential and infrastructure projects, operates the Mauritius National Lottery, and runs the Hilton Mauritius Resort & Spa.
Is Gamma a public or private company?
Gamma is a public company. It is classified as public and is currently operating.
When was Gamma founded?
Gamma was founded in 1961. It employs 11 to 50 people.
Where is Gamma based?
Gamma is headquartered in Ebène, Mauritius, in the Africa region.
How does Gamma make money?
Seven revenue lines are on record. Building Materials Manufacturing and Sales are the primary driver. The others are construction and Contracting Services, real Estate Development, lottery and Gaming Operations, hospitality Services, shared Services and financial Services Investment.
Who are Gamma's main competitors?
Broad incumbents on record are Holcim Group and Beachcomber Resorts. Colas SA is listed as an others. Direct peers are IBL Ltd, Harel Mallac, Alteo Limited, CIEL Group and ENL Group. Regional players are Cemindo Gemilang and LONASE (La Loterie Nationale Sénégalaise).
Does Gamma have an API?
No public API is recorded for Gamma.
What industry is Gamma in?
Gamma's product category is Diversified Investment Holding Company. Its primary akta.pro industry code is IMAFACAF, Government & Civic Building Construction (Courthouses, City Halls, Public Safety). Its NAICS code is 236220 and its SIC code is 6799.