Wealthy Mauritian Lagesse family loses $21 million in 74 days from IBL Group investment

The recent decline in the stock price of IBL Limited, a Mauritius-based diversified conglomerate, has resulted in a multimillion-dollar drop in the market value of the Mauritian Lagesse family’s stake in the company in recent weeks. The reduction in the company’s share prices comes amid a broad-based sell-off in equities spurred by a reduced appetite for emerging market shares.

According to data retrieved by Billionaires.Africa, the market value of the Mauritian Lagesse family’s stake in IBL has declined by MUR949.27 million ($21.18 million) in the past 74 days.

The wealthy family, which has played a seminal role in the development of industry and commerce in Mauritius, has a 16.8-percent joint stake in IBL Limited, a leading Mauritian conglomerate with one of the largest enterprises on the island, with over 200 brands spread across 19 countries.

The multimillion-dollar decline in the market value of their shareholding follows a double-digit decline in the group’s share price, as investors continue to reduce stakes in risky assets as part of the move to preserve wealth.

According to data obtained from the Mauritius Stock Exchange, shares in IBL Limited fell from MUR57 ($1.27) on May 5 to MUR48.7 ($1.09)on July 18, representing a 14.5-percent loss for shareholders over the past 74 days.

The market value of the family’s shareholding has fallen by MUR949.27 million ($21.18 million) since May 5, from MUR6.62 billion ($145.43 million) on May 5 to MUR5.57 billion ($124.25 million) at the time of writing this report.

Despite the recent decline in the market value of their stake, the Lagesse family remains one of Mauritius’ wealthiest and most powerful families.

Aside from IBL Limited, the Lagasse family also owns stakes in Molasses Alcohol & Export Co., Phoenix Beverage Limited, United Basalt Products, Lux Island Resorts, Sun Resorts, GML Management, AfrAsia, Valuers and Assessors, and other major corporations.