Mauritian multimillionaire tycoon Pierre Guy Noel has gained MUR65.1 million ($1.5 million) from his stake in MCB Group, as shares in the financial services holding surged by more than 20 percent.
Research conducted by Billionaires.Africa revealed that the double-digit increase in the company’s share price that spurred the gains was due to increased buying pressure on the bourse, as analysts expect MCB to deliver value.
Investors on the Mauritian exchange reacted swiftly to the improved performance that the group delivered in the third quarter of its current financial year, as profits for the quarter rose by MUR827 million ($19.4 million) to MUR2.3 billion ($54.0 million).
Meanwhile, the group’s profits for the nine months ending March 2021 reached MUR6.1 billion ($143.1 million), similar to the level achieved last year, despite the impact of the COVID-19 pandemic on its results.
As of press time, 7:10 AM (UTC), Sept. 9, shares in the leading retailer were worth MUR242.3 ($5.70), which is 20.5-percent higher than its opening price of MUR292 ($6.80) on June 1, 100 days ago.
The market value of Noel’s stake in MCB Group has increased from MUR316.8 million ($7.4 million) on June 1 to MUR381.9 million ($8.9 million) on Sept. 9.
This translates to a gain of MUR65.1 million ($1.5 million) for the multimillionaire in 100 days.
Noel retired as CEO of MCB Group on Sept. 1 after reaching the retirement age of 65.
Under Noel, the group’s profit grew from MUR4.453 billion ($104.4 million) in 2014 to MUR7.993 billion ($187.10 million) at the end of 2020. At the same time, its assets base more than doubled from MUR240.89 billion ($5.65 billion) in 2014 to MUR632.4 billion ($12.46 billion) as of March 31.
