Moroccan billionaire Anas Sefrioui has suffered a loss of MAD565.17 million ($62.33 million) from his equity stake in Moroccan home builder Douja Promotion Groupe Addoha (ADH) in the past 32 days.
ADH is a Morocco-based homebuilder engaged in the construction, development and marketing of real estate properties. The group is majority-owned by Sefrioui, the billionaire businessman who founded the pioneer real estate company in 1988.
Sefrioui controls a 64.1-percent stake, or 258.1 million ordinary shares, in the company.
The recent loss amounting to millions of dollars can be attributed to investor profit-taking activities on the local bourse after shares in the group soared to record price levels not seen since the beginning of the COVID-19 pandemic.
As of press time, Oct. 11, shares in ADH were trading at MAD11.31 ($1.49), 79-basis points lower than its opening price this morning.
Since Sept.9, the share price of the Morocco-based home builder on the Casablanca Stock Exchange has declined from MAD13.50 ($1.25) per share to MAD11.31 ($1.49) as of the time of the writing of this report, accruing a near 20-percent loss for investors in 32 days.
The decline in the group’s stock price caused the market value of Sefrioui’s stake in ADH to decline from MAD3.48 billion ($384.23 million) on Sept. 9 to MAD2.92 billion ($321.90 million).
This translates to a MAD565.17-million ($62.33 million) loss for the billionaire in 32 days.