The stake of Moroccan real estate tycoon Alami Lazraq in Alliances Developpement Immobiliere (ADI) has increased by $12.969 million (MD115.932 million) in 31 days.
Founded in 1994 by Lazraq, ADI is one of the largest home and hotel builders in Morocco. It is known for constructing, marketing and managing commercial and residential assets and tourist properties.
The $12.599-million (MD112.623 million) increase in his stake’s market value can be linked to the recent rise in the company’s shares on the Casablanca Stock Exchange, as shares surged to pre-pandemic levels.
As of press time, 5:00 pm (UTC+1), July 2, shares in the company were valued at $4.742 (MD42.390), 14-percent higher than its opening price of $4.159 (MD37.180) for the year.
At a share price of $4.742 (MD42.390), ADI’s market capitalization is $104.699 million (MD935.911 million), up $12.868 million (MD115.029 million) for the year.
Between June 1 and July 2, the company’s share price on the Moroccan bourse increased from $3.610 (MD32.230) to $4.742 (MD42.390). This translates to a gain of nearly 32 percent for ADI shareholders.
The rise in the ADI share price was spiked by the management’s strategic move to modify its business model to meet customer expectations by expanding its market base to cover all segments of the real estate market.
The market value of Lazraq’s stake in ADI has increased from $41.141 million (MD367.765 million) to $54.110 million (MD483.698 million) from June 1 to July 2 given the recent rise in the company’s share price.
This translates to a gain of $12.969 million (MD115.932 million) in 31 days for the real estate magnate.