Moroccan multimillionaire Karim Benjelloun has gained MAD26.83 million ($2.96 million) in three months, as the market value of his stake in Disway S.A. benefited from a surge in the company’s share price above the MAD700 ($77.19) per share mark.
Disway is Morocco’s first technology distributor and a leading computer hardware distributor in the Maghreb region.
The company distributes technological products and offers a wide range of international brands from IT publishers and manufacturers.
Benjelloun, a leading businessman in the country, holds a beneficial 7.23-percent stake in the Morocco-based computer hardware distributor.
As of press time, Nov. 2, shares in the leading hardware distributor were trading at MAD730.1 ($80.5) per share, down 19 basis points from its opening price this morning.
The recent gain in Benjelloun’s stake can be linked to a surge in Disway’s stock price, as investors continue to accumulate additional shares in the company with the expectation to benefit from favorable price gains as the demand for gadgets and IT equipment remains strong.
Analysts at the Global Research Office of BMCE Capital recommended accumulating Disway shares at a target price of MAD800 ($88.2) per share, as the demand for IT equipment is expected to position the company to register sustainable growth in 2021.
Since Aug. 2, shares in the Morocco-based company have increased from MAD535.4 ($59.03) per share to MAD730.1 ($80.5) per share on Nov. 2, leading investors to benefit from a 36.4-percent value gain in three months.
As a result of the share-price appreciation, the market value of Benjelloun’s stake in Disway has increased from MAD73.8 million ($8.13 million) on Aug. 2 to MAD100.6 million ($11.09 million).
This translates to a gain of MAD26.83 million ($2.96 million) for the businessman in three months.