Moroccan multimillionaire businessman Karim Benjelloun has seen his stake in Morocco-based technology distributor Disway SA increase by MAD15.1 million ($1.7 million) in the past 85 days, as shares in the company surge to a new all-time high of MAD639.8 ($$71.1) per share.
Disway SA is the first technology distributor in Morocco, Africa’s fifth-largest economy in terms of GDP.
The company is involved in the distribution of technological products. It offers a wide range of international brands from IT publishers and manufacturers.
Benjelloun, who is the general manager and a co-founder of the hardware distributor, holds a beneficial 7.36-percent ownership interest in the Morocco-based enterprise.
The million-dollar gain in his stake can be attributed to the recent price increase, as investors and bargain hunters sustained buying interest in the company in reaction to a 12-percent increase in sales in the first half of 2021.
As of press time, 7:55 AM (UTC), Sept. 23, shares in the technology company on the Casablanca Stock Exchange were trading at a record all-time high of MAD639.8 ($$71.1) per share, 20.7-percent higher than its opening price of MAD530.0 ($58.9) on July 1.
Meanwhile, the market value of Benjelloun’s stake has increased from MAD73.0 million ($8.1 million) on July 1 to MAD88.2 million ($9.8 million) at the time of writing.
This translates to a gain of $1.7 million (MAD15.1 million) for the multimillionaire in 85 days.
The bullish sentiment that led to the strong increase in Disway’s stock price was supported by the company’s plans to sign new distribution contracts to expand its range of products.
This is expected to materialize during the second half of 2021.