Moroccan tycoon Anas Sefrioui has recorded a MAD234.84-million ($25.44 million) boost to his net worth in the past 15 days as the market value of his stake in the Moroccoan property developer Douja Promotion Groupe Addoha (ADH) soared above the $320-million mark.
ADH is Morocco’s largest property developer and operator with real estate programs and investments across the North African country. Sefrioui, one of Morocco’s richest men, controls a 64.1-percent stake amounting to 258,066,665 shares in the Moroccan property developer.
As of press time, Jan. 15, shares in the company were trading at a price of MAD11.52 ($1.248), 52-basis points lower than their opening price on the Casablanca bourse yesterday, Jan. 15.
At the current price, the market capitalization of ADH is MAD4.64 billion ($502.4 million), while the market value of Sefrioui’s 64.1-percent stake is valued at MAD2.97 billion ($322.08 million).
Since the start of the year, shares in the property developer have increased from MAD10.61 ($1.1495) at the closing of trading on the Casablanca bourse on Dec. 31, 2021 to a price of ($1.248) as of the time of drafting this report.
As a result of the price surge, the market value of Sefrioui’s majority stake in ADH has increased from MAD2.74 billion ($296.64 million) on Dec. 31, 2021 to MAD2.97 billion ($322.08 million) on Jan. 15.
This led to a total MAD234.84-million ($25.44 million) gain for the multimillionaire businessman since the year began.
In 2021, Sefrioui saw his stake surge by $117 million thanks to a 66-percent surge in the ADH share price over the year.