Moroccan multimillionaire Anas Sefrioui has seen the market value of his stake in Morocco’s leading property developer Douja Promotion Groupe Addoha (ADH) decline by MAD699.36 million ($75.72 million) in the past 44 days.
The multimillion-dollar decline in Sefrioui’s stake can be linked to a 20-percent slump in the shares of the Morocco-based property developer, as investors sell off their shares in search of impressive yields.
ADH is Morocco’s largest property developer and operator with real estate programs across the North African country, including in real estate construction, development and marketing.
Since its founding in 1988 by one of Morocco’s richest men, Anas Sefrioui, ADH has become an industry leader, selling offices and commercial spaces, apartments, villas and land.
Sefrioui’s stake in ADH amounts to 64.1 percent, or 258,066,665 ordinary shares.
As of press time, Nov. 23, shares in the leading real estate group traded at MAD10.79 ($1.168) per share, unchanged from its opening price on Mon., Nov. 22.
As a result of portfolio-rotation activities on the Casablanca bourse, with investors trimming down their holdings in ADH, shares in the leading property developer have dropped from MAD13.5 ($1.462) per share on Oct. 9 to MAD10.79 ($1.168) per share.
The decline in the share price caused the market value of Sefrioui’s stake to decline from a valuation of MAD3.48 billion ($377.21 million) on Oct. 9 to a valuation of MAD2.78 billion ($301.49 million) as of the time of writing.
This translates to a $75.72-million loss for the Moroccan multimillionaire in the past 45 days.
Despite the decline in the market value of his stake, the Moroccan magnate remains one of the wealthiest investors on the Casablanca bourse with a valuation of $300 million.
Sefrioui’s stake in ADH makes him one of the wealthiest men in Morocco.