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The equity stake of Moroccan real estate tycoon Anas Sefrioui in Douja Promotion Groupe Addoha SA has gained a whopping $94.69 million (MAD843.96 million) in 21 days.
The gains can be linked to a 41-percent rise in the group’s share price on the Casablanca Stock Exchange, with investors sustaining buying pressure as the economy and the real estate sector gear up for the post-COVID-19 recovery.
As of press time, 5:00 pm (UTC+1) today, June 22, shares in the leading property developer were trading at $1.2668 (MAD11.29), 102-percent higher than its 52-week low of $0.6283 (MAD5.60).
At $1.2668 (MAD11.29) per share, the publicly traded real estate developer’s shares are up 77 percent.
Bullish investor bias toward the group has seen its shares on the local bourse surge from $0.8999 (MAD 8.02) per share on June 1 to $1.2668 (MAD8.87) per share as of press time, 5:00 pm (UTC+1) today, June 22.
This 41-percent increase in the share price has pushed up the group’s market capitalization by $147.70 million (MAD1.32 billion) to $510 million (MAD4.54 billion).
One of Morocco’s wealthiest men, Sefrioui derives the majority of his net worth from operations and contracts from the publicly traded real estate developer, Groupe Addoha.
The billionaire, who had a net worth of $1.1 billion in 2017, is the group’s single majority shareholder, with an equity stake of 258,091,711 shares.
The market value of his stake has surged from $232.25 million (MAD2.07 billion) to $326.94 million (MAD2.91 billion) from June 1 to 22. This translates to an overall gain of $94.69 million (MAD843.96 million) for the real estate tycoon in 21 days.
