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Moroccan billionaire and real estate magnate Anas Sefrioui’s stake in Douja Promotion Groupe Addoha has grown by about 31 percent in 35 days.
The uptick follows a rise in the company’s shares on the Casablanca Stock Exchange.
This triggered a market-value gain of about $61.2 million (MAD542.0 million) for the billionaire, who holds a controlling stake in the group.
As of the time of drafting this report at 2:20 pm, WAT, the group’s shares were up by 0.23 percent today, putting their price at $0.99 (MAD8.78) per share.
Sefrioui, who is one of the wealthiest men in Morocco, is the president of Douja Promotion Groupe Addoha.
The billionaire is the group’s single majority owner with an equity stake of 258,091,711 shares valued at $258.7 million (MAD2.3 billion) at the current share price.
Deja Promotion Groupe Addoha SA is a Morocco-based company and the country’s leading property developer and operator.
The group operates real estate programs across the North African country through its principal activities, including real estate construction, development, and marketing.
Deja Promotion Groupe Addoha has grown to become an industry leader, selling offices and commercial spaces, apartments, villas and land.
Investors’ bullish bias toward the group led to the recent gains in its share price from $0.75 (MAD 6.68) per share on April 30 to $1.00 (MAD8.87) per share at press time.
The recent gains account for the rise in Sefrioui’s stake from $194.6 million (MAD1.7 billion) on April 30 to $51.1 million (Ksh5.5 billion) at close of market today.
This translates to an overall increase of $61.2 million (Ksh542.0 million) for the Moroccan real estate magnate in 35 days, or an average gain of about $1.75 million (MAD15.5 million) per day since April 30.
Anas Sefrioui
Sefrioui became a billionaire in 2005 after earning an extra $1 billion from a contract to build additional public housing units in Morocco.
Sefrioui launched two cement plants with a capacity of 1.6 million tonnes in Morocco, leading to the establishment of Ciment de l’Atlas SA.
In addition, he launched 500,000-tonne cement plants in Cameroon, Gabon, Ivory Coast and Guinea.
According to Forbes, the billionaire derives the majority of his wealth from operations and contracts from his publicly traded homebuilder Groupe Addoha and had a net worth of about $1.1 billion in 2017.
