Mauritian multimillionaire businessman Dominique Galea has seen his net worth decrease by more than $2.4 million in the past 171 days due to the recent decline in the market value of his stake in Mauritius-based regional insurer MUA Limited.
Galea, who is the chairman of MUA Limited, owns a 6.33-percent stake in the Mauritian insurer. He has seen the market value of his shareholding drop by MUR112 million ($2.48 million) in the past 171 days, as shares in the regional insurer fell by more than 21 percent amid a sustained sell-off by investors.
Since Jan. 24, shares in the Mauritian insurer have decreased from MUR164.75 ($3.66) on Jan. 24, 171 days ago, to MUR130 ($2.89) at the time of writing this report, resulting in a 21.1-percent loss for shareholders over the past 171 days.
As a result of the decline in the group’s stock price, the market value of Galea’s stake has dropped from MUR531 million ($11.8 million) on Jan. 24 to MUR419 million ($9.3 million) at the opening of the local bourse this morning, Thurs., July 14.
Despite the recent decline in the market value of his shareholding, Galea remains one of the richest investors on the Stock Exchange of Mauritius.
MUA Limited, which operates as a holding company with active operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles, is the Mauritius Stock Exchange’s largest listed insurance company.
MUA has grown into a regional leader in the insurance industry thanks to its regional expansion tactics and strategic restructuring, which resulted in the consolidation of its operations across Africa through subsidiaries in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles.
The Mauritian insurer announced nearly five weeks ago that it will receive a $10-million equity investment from Proparco, the private financing arm of Group Agence Francaise de Developpement.
Proparco will leverage its significant regional experience, world-class capabilities, and extensive cross-sector network to create shared wealth for all stakeholders, allowing MUA to strengthen its financial capacity and support sustainability initiatives in line with its three-year strategic transition plan.
