Home » Mauritian Espitalier-Noel family loses $9.1 million from stake in ENL in 96 days

Mauritian Espitalier-Noel family loses $9.1 million from stake in ENL in 96 days

by Yusuf Abdulfatai
Hector Espitalier-Noel

The Mauritian Espitalier-Noel family’s holding in ENL Limited has lost nearly $9 million in recent weeks as a result of a protracted stock sell-off on the Mauritius Stock Exchange, when investors booked profits after the company’s shares climbed over MUR30 ($0.65).

ENL is a diverse company with more than 120 worldwide and domestic companies in the agro-allied, real estate, hospitality, logistics, fintech, commerce, and industrial sectors.

The Mauritius-based corporation is led by members of the multimillionaire Espitalier-Noel family, which owns a 9.92-percent beneficial ownership in the company, or 105,884,604 ordinary shares.

According to data tracked by Billionaires.Africa, shares in the leading conglomerate were trading at MUR26 ($0.561) at the time of writing this post, unchanged from their starting price as both selling and buying forces were evenly wiped out.

Since May 18, over 96 days ago, ENL shares have fallen by more than 13 percent, from a price of MUR30 ($0.648) per share to MUR26 ($0.561) per share at the time of writing this report, bringing the company’s market capitalization below MUR10 billion ($215 million).

As a result of the current price drop, the market value of the Mauritian Espitalier-Noel family’s stake has dropped from MUR3.18 billion ($68.6 million) on May 18 to MUR2.75 billion ($59.45 million) on Aug. 22.

This amounts to a total MUR423.54-million ($9.72 million) loss for the family in the past 96 days, reducing their year-to-date returns on their holdings to $9.7 million from $18 million.

Despite the recent drop in the market value of their investments, the Espitalier-Noel family remains one of the wealthiest investors on the Mauritian bourse.

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