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Moroccan multimillionaire businessman Anas Sefrioui has recorded a multimillion-dollar decline in his net worth since the start of the year as his stake in Douja Promotion Groupe Addoha (ADH) continues to fall on the Casablanca bourse.
Since Jan. 1, exactly 10 months ago, the market value of his stake in ADH has decreased by $134.4 million due to the slump in the shares of the leading real estate firm, as investors continued to sell off shares on fears of a further decline in the group’s share price.
ADH is the largest property developer and operator in Morocco, with real estate programs and investments throughout the North African country. Sefrioui, one of Morocco’s wealthiest people, owns a 64.1-percent stake in the Moroccan property developer, totaling 258,066,665 shares.
The real estate group develops low-cost housing in Morocco. Its properties are located in towns and cities, including Casablanca, Ain Aouda, Al Jadida, Tetouan, Beni Mellal, Marrakech, Fes, Sale, Tanger, Tamesna, Mekns, Sale, Rabat, Kenitra, and Fgih Ben Saleh, among others.
Shares in the leading real estate group were trading at MAD6.86 ($0.626) per share as of press time on Oct. 31, two-percent lower than their opening price on the local bourse this morning, and selling pressure on the exchange floor pushed the group’s market capitalization below MAD2.8 billion ($260 million).
ADH’s share price on the Casablanca bourse has dropped by more than 35 percent since the start of the year, from MAD10.61 ($1.147) to MAD6.86 ($0.626) at the time of writing this report.
As a result of the share price decline and the fall in the value of the Moroccan Dirham against the US dollar, the market value of Sefrioui’s 64.1-percent stake in ADH has declined by MAD967.75 million ($134.4 million), from MAD2.74 billion ($296 million) on Jan. 1 to MAD1.77 billion ($161.6 million).
