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Mauritian businessman Tim Taylor has seen the market value of his stake in the Mauritius-based financial services group, CIM Financial Services Limited, increase by $1.9 million ($MUR83.3 million) in the past 20 days.
Taylor is a top business executive and the former chairman of Rogers Group, a Mauritius-based financial services group with interests in fintech, hospitality, logistics and real estate.
Aside from his governance roles in CIM Financial Services as a non-executive director, Taylor holds a substantial 9.27-percent stake in the Mauritian non-banking financial institution.
The recent gain in his stake can be linked to investor recent buying activities on the Stock Exchange of Mauritius, as investors reacted to the group’s financial performance in 2021 and its recent move to acquire the fellow Mauritius-based Tsusho Capital Limited.
As of press time, shares in the Mauritius-based financial services group were trading at MUR9.32 ($0.211) per share, 0.22-percent higher than their opening price on Fri., Dec. 17.
As a result of the buying interest in the conglomerate’s shares, its stock price has increased from MUR8 ($0.181) on Nov. 29 to MUR9.32 ($0.211) as of the time of the drafting of this report. This translates to a 16.5-percent gain for shareholders.
Research conducted by Billionaires.Africa revealed that the market value of Taylor’s 9.27-percent stake in CIM has risen from MUR504.72 million ($11.4 million) on Nov. 29 to MUR588 million ($13.3 million), accruing a $1.9-million ($MUR83.3 million) gain for the executive over the past 20 days.
At the end of its recently completed 2021 financial year, CIM reported a net income of MUR 417.1 million ($9.7 million), 119-percent higher than its income of MUR 190.8 million ($4.4 million) for the prior year.
In an effort to reap the benefits of revenue diversification and expand its presence in the financial services industry, CIM signed a non-definitive agreement to acquire Tsusho Capital Limited for an undisclosed fee.
The proposed acquisition, which is subject to regulatory approval, aligns with CIM’s strategic expansion plans to grow its leasing business and diversify its revenue stream.
