Mauritian businessman Pierre Guy Noel has seen the market value of his stake in Mauritius’ largest banking group, MCB Group Limited, rise by more than $1 million in the past seven weeks.
The increase in the market value of his stake follows a recent double-digit increase in the share price of MCB Group, as investors renewed buying interest in the leading banking group in a strategic attempt to gain exposure to the group’s robust operations and superior dividend payout.
MCB Group is a financial services conglomerate headquartered in Port Louis, Mauritius’ capital city. Through its banking and non-banking financial operations, the bank serves as the most comprehensive financial services group on the island.
Noel, who retired as MCB Group’s CEO last year after reaching the retirement age of 65, owns 0.55 percent of the company, or 1,328,642 ordinary shares. He is the chairman of the board and managing director of Banque Francaise Commerciale Ocean Indien S.A. He also serves on the board of the financial services group.
As of press time on Sept. 19, shares in the Mauritian financial services group were trading at MUR318 ($7), unchanged from the previous week’s closing price, as both bullish and bearish pressures were evenly cleared out.
Since Aug. 1, exactly seven weeks ago, the share price of MCB Group has increased from MUR283 ($6.2) to MUR318 ($7) on Sept. 19, accruing a total 12.37-percent gain to shareholders, including PNoel, who owns a significant stake in the financial services group.
As a result of the recent increase in the group’s share price, the market value of Noel’s stake has increased by MUR46.5 million ($1.02 million), from MUR376 million ($8.26 million) on Aug. 1 to MUR422.5 million ($9.28 million) at the time of writing this report.
The million-dollar increase in the market value of his stake solidifies his position as not only one of the richest investors on the Mauritius Stock Exchange but also one of the richest businessmen in Mauritius.