The Doger de Speville family of Mauritius has lost MUR87.6 million ($2 million) on the market value of their joint interest in Medine Limited after the firm’s share price fell by double digits in 32 days due to profit-taking and portfolio-rotation activities on the Stock Exchange of Mauritius.
Medine is a well-diversified company with active activities and interests in five economic sectors: real estate, retail, education, hotels, and tourism.
Members of the Doger de Speville family, which includes Marie Therese Doger de Speville, Thomas Doger de Speville, and 82-year-old Pierre Doger de Speville, control a beneficial 12.8-percent ownership, or 13,473,566 shares, in Medine.
As of press time on June 13, the market price of Medine shares on the local bourse was MUR55.75 ($1.265), unchanged from its opening price on the local bourse this morning as buying and selling pressures were evenly cleared out.
Since May 12, the company’s share price has dropped from MUR62.25 ($1.413) to MUR55.75 ($1.265) at the time of writing, resulting in a 10.4 percent loss for shareholders in the past 32 days.
The wealthy Mauritian Doger de Speville family has recorded significant losses from their investment in Medine Limited, as shares in the Mauritius-based diversified firm slumped by double digits.
As a result, the market value of the family’s stake in Medine has fallen from MUR838.7 million ($19.03 million) on May 12 to MUR751.1 million ($17.02 million) at the time of writing this report, owing to the decline in the company’s shares.
This translates to a total loss of MUR87.6 million ($2 million) for the multimillionaire businessman in the past 32 days. Despite the recent decline in the market value of his stake, the family remains one of Mauritius’ wealthiest.