Mauritian multimillionaire Hector Espitalier-Noel gains $7.3 million in single month as ENL shares surge by 15.8 percent

Omokolade Ajayi -

Mauritian businessman Hector Espitalier-Noel has recorded a MUR317.7-million ($7.3 million) increase in the market value of his stake in ENL Limited, as shares in the Mauritius-based conglomerate surged by 15.8 percent in 31 days.

ENL is a broad-based conglomerate developing and managing a diverse portfolio of more than 120 international and homegrown brands in thee agro-allied, real estate, hospitality, logistics, fintech, commerce and industrial sectors.

The Mauritius-based group is controlled by the affluent Espitalier-Noel family, who hold a substantial ownership interest in addition to key governance roles.

Hector Espitalier-Noel, the CEO of ENL, holds a beneficial stake amounting to 9.92 percent.

The MUR317.7-million ($7.3 million) increase in the market value of his stake was underpinned by a bullish sentiment on the Stock Exchange of Mauritius, as investors anticipated the publication of the group’s audited financial statement for the financial year ending on June 30.

Recall that the group’s financial performance in the first nine months of its 2021 accounting year was affected by the COVID-19 pandemic and a second lockdown in Mauritius as of March.

The disruption caused ENL’s turnover to decrease by 23 percent, while it reported a loss after tax of MUR1.3 billion driven mainly by MUR1.6 billion ($36.88 million) in losses from its hospitality cluster.

Recently, shares in the group have increased from MUR19 ($0.4374) per share on Oct. 4 to MUR22 ($0.5065) per share on Nov. 4, accruing a 15.8-percent gain for shareholders in just 31 days.

Research conducted by Billionaires.Africa revealed that the market value of Espitalier-Noel’s stake in the group has increased from MUR2.01 billion ($46.32 million) to MUR2.33 billion ($53.63 million) between Oct. 4 and Nov. 4 as a result of this share-price appreciation.

This translates to a MUR317.7-million ($7.3 million) gain for the Mauritian businessman in 31 days.