Moroccan multimillionaire politician and venture capitalist Adil Douiri has suffered a MAD6.88-million ($763,100) loss in the last 27 days as shares in the Morocco-based consumer goods company Mutandis SCA slid downward.
Mutandis is an industrial and commercial group focused on consumer goods in Morocco and Africa.
Douiri, who founded the Morocco-based consumer goods company, holds a beneficial ownership interest, amounting to a 6.9-percent stake, in the company.
The recent decline in the market value of his stake can be linked to a five-percent decline in the stock price.
On Sept. 2, shares in the company surged to MAD270.0 ($29.97), riding on the news of its first-half-year results, as the group posted a revenue of MAD690 million ($77.37 million) during the period.
The group’s top line performance for the period came off a strong growth in sales in Q2 2021. This was due to a double-digit increase in beverage sales in the period.
Since Sept. 2, investor profit-taking activities have seen the market price of Mutandis shares decline from MAD270 ($29.97) to MAD257.5 ($28.58) at the time of writing.
The downward price movement in the Mutandis stock price has led to a five-percent loss for shareholders in 26 days.
Meanwhile, the market value of Douiri’s stake has declined from MAD148.5 million ($16.5 million) on Sept. 2 to MAD141.6 million ($15.7 million) on Sept. 29.
This translates to a MAD6.88-million ($763,100) loss for the multimillionaire in 27 days.