Moroccan businessman Mohammed Tazi has seen the market value of his stake in the pharmaceutical company Marocaine Ste de Therapeutique (Sothema) surge by $25.1 million in just four days.
Sothema is a Morocco-based enterprise founded by Tazi’s father, Omar, in 1976. Mohammed and his cousins hold a significant stake in the company.
Tazi saw his 19.02-percent stake in the company surge to a MAD2.2-billion ($246.4 million) valuation as of press time, 12:20 PM (UTC), Sept. 4, from MAD691.2 million ($77.5 million) at the start of 2021.
The multimillion-dollar gain in Tazi’s stake between Aug. 31 and Sept. 4 can be linked to investor buying interest, which resulted in a rebound in the company’s share price after it slumped from a record high of MAD1,740 ($195.1) in August.
The renewed buying interest triggered an 11.3-percent rise in Sothema shares on the Casablanca Stock Exchange.
Since its founding in Morocco 45 years ago, Sothema has grown into a global firm with a $1.3-billion valuation.
The company operates a diversified portfolio of 35 multinational laboratories and exports products to Europe, the Maghreb, Sub-Saharan Africa and the Persian Gulf.
Sothema has played a key role in the fight against the COVID-19 pandemic. It announced in July that it would begin producing 5 million doses per month of China’s Sinopharm COVID-19 vaccine in the North African country.
As of press time, shares in the company were worth MAD1,590 ($178.3), 11.34-percent higher than their closing price of MAD1,428 ($160.0) four days ago on Aug. 31.
Research conducted by Billionaire.Africa revealed that the market value of Tazi’s stake between Aug. 31 and Sept. 4 has increased from MAD2 billion ($221.3 million) to MAD2.2 billion ($246.4 million).
This translates to a gain of MAD223.9 million ($25.1 million) in only four days.
