Mauritian tycoon Hector Espitalier-Noel loses $13.6 million as ENL shares retreat from 20-month high

Mauritian business tycoon Hector Espitalier-Noel has lost MUR582.3 million ($13.6 million) as shares in the Mauritius-based holding company ENL Limited retreated from a 20-month high of MUR22.6 ($0.53) per share.

The recent decline in his stake can be attributed to investor profit-taking actions, as bargain hunters booked profits leading to a 22.4-percent reduction in the company’s stock price in the past 78 days.

ENL Limited is the holding company of ENL Group, a broad-based enterprise behind more than 120 household brands of products and services.

The group creates value for end consumers through flagship companies like Ascencia, Axess, ENL Agri, ENL Commercial, ENL Property, Rogers Group, Rogers Capital, Velogic and VLH.

It also operates through associated groups of companies such as New Mauritius Hotels and Eclosia.

Espitalier-Noel, the executive director and CEO of ENL Group, played a key role in the growth of the holding to a valuation of MUR1.07 billion ($475.8 million) on the local bourse.

In addition to his leadership roles in the group, the Mauritian business tycoon holds a beneficial ownership interest, amounting to 9.9 percent of ENL stock.

The market value of his stake declined by MUR582.34 million ($13.6 million) in the last 78 days, as shares in the group dropped from MUR24.5 ($0.571) on July 7 to MUR19.0 ($0.442) per share on Sept. 23.

Research conducted by Billionaires.Africa revealed that the value of his stake declined from MUR2.6 billion ($60.4 million) to MUR2 billion ($46.9 million) between July 7 and Sept. 23.

This translates to a MUR582.34 million ($13.6 million) loss for the multimillionaire in 78 days.