The shares of politician and venture capitalist Adil Douiri in the Morocco-based consumer goods company Mutandis SCA have lost $1.76 million (MD15.68 million) since June 14.
The $1.76-million loss can be attributed to the recent decline in the Mutandis share price, as wary investors sold off shares in the company after the share price surged to a record high of $32.10 (MD286.00) on June 14.
Mutandis is an industrial and commercial group focused on consumer goods in Morocco and Africa.
In a recent disclosure, the company revealed that its consolidated turnover for Q1 2021 fell by 10 percent due to floods in Morocco and overstocking triggered by government-imposed COVID-19 lockdowns.
Mutandis reported that its turnover dropped from $37.02 million (MD330 million) in Q1 2020 to $33.65 million (MD300 million) in Q1 2021 on the back of low consumption.
As of press time, 1:45 pm (UTC+1) today, June 29, shares in the company were trading at $28.90 (MD257.50). This is 17.6-percent higher than its opening price of $24.58 (MD219.00) for the year.
The company’s share price has declined from $32.10 (MD286.00) on June 14 to $28.90 (MD257.50) on June 29. This translates to a 10-percent decline in its share price on the Casablanca Stock Exchange and a $25.59-million (MD228.00 million) reduction in its market capitalization in 15 days.
At the current price, Mutandis’ market capitalization is $231.20 million (MD2.06 billion).
Douiri is a Moroccan politician, venture capitalist and the founder of Mutandis. He is a substantial shareholder in the consumer goods company.
His 550,00 ordinary shares in Mutandis, which amount to 6.88 percent of the company’s issued ordinary shares, are presently valued at $15.90 million (MD141.63 million).
The market value of Douiri’s stake has declined from $17.65 million (MD157.30 million) to $15.90 million (MD141.63 million) between June 14 and 29.
This translates to a loss of $1.76 million (MD15.68 million) for the multimillionaire businessman in 15 days.