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The Stock Exchange of Mauritius has witnessed a bullish trend lately, resulting in a $19.5-million surge in the market value of the stake held by the multimillionaire Mauritian Lagesse family in Port Louis-based conglomerate, IBL Limited.
IBL Limited is a diversified conglomerate with a presence in several sectors, including commerce, engineering, financial services, logistics, aviation and shipping, retail, seafood, and marine.
The group’s profit surged to MUR1.96 billion ($43.8 million) at the end of its 2022 fiscal year, representing a significant increase of 1,917 percent over the MUR97.4 million ($2.2 million) that it earned from operations the previous year.
Mauritian businessman Arnaud Lagesse and his siblings Benoit, Hugues, Jean-Pierre, Thierry, and Stephane Lagesse, who are all members of the Mauritian Lagesse family, own a 16.8-percent joint stake in the group, or 114,369,469 shares.
Since the start of the year, IBL’s share price has increased by 14.95 percent, from MUR51.5 ($1.142) on January 1 to MUR59.3 ($1.32) on April 24, returning millions of dollars in gains to the group’s shareholders, including the Lagesse family.
The recent surge in the family’s stake in the company solidifies their position as one of the richest families in the country, with their stake increasing from MUR5.89 billion ($130.58 million) on January 1 to MUR6.77 billion ($150.1 million) on April 24.
The multimillionaire family recently made a strategic investment in the thriving East African solar energy industry. Through their company IBL, the family has acquired an undisclosed stake in Equator Energy Limited, a reputable Kenyan solar power firm.
The partnership, which includes STOA S.A., coincides with IBL’s strategic focus on implementing eco-friendly solutions such as renewable energy, energy conservation, and waste recycling.
Equator Energy’s fully integrated renewable energy systems offer an array of choices, from grid-connected systems to solar-diesel hybrids and completely autonomous off-grid systems.
