Gamma

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.

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

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

• Building materials manufacturing
• Construction contracting services
• Cement production
• Lottery operations
• Hospitality services

Headquarters

HQ city

Ebène

HQ country

Mauritius

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. Hospitality Services: Five-star luxury resort operations through Morning Light Co Ltd (Hilton Mauritius Resort & Spa), managed by Hilton International.
6. Shared Services: Legal, secretarial, technology (GammaTech) and other support services provided to subsidiaries, associates and joint venture companies.
7. 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

Core 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

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core and minor.

• ChecksacoreChannel Partner/ Reseller/ Distributor · 20 December 2025Lottotech 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 BranchminorStrategic or Co-development Partner · 13 December 2025Kolos 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)minorStrategic or Co-development Partner · 4 December 2025Senegal'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 CaterflyminorStrategic or Co-development Partner · 14 November 2025Kolos 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 InternationalcoreStrategic or Co-development PartnerHilton 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.)coreStrategic or Co-development PartnerShared 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)coreStrategic or Co-development PartnerGamma 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)coreTechnology or IntegrationLottotech 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 GroupminorStrategic or Co-development PartnerKolos 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 LtdminorStrategic or Co-development PartnerLocal 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 ServiceminorStrategic or Co-development PartnerLottotech 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 CrossminorStrategic or Co-development PartnerAlpha 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'AmitiécoreStrategic or Co-development PartnerGamma 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 MauriceminorStrategic or Co-development PartnerKolos 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)minorStrategic or Co-development PartnerKolos 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

Broad 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

• Facebookfacebook.com/GammaCivic
• LinkedInlinkedin.com/company/gammacivicltd/?originalSubdomain=mu

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gamma