Moroccan real estate mogul Alami Lazraq has seen his stake in Alliances Developpement Immobiliere (ADI) plummet by millions of dollars since the start of March as a result of persistent selling pressures on the Casablanca bourse.
According to data obtained by Billionaires.Africa, the market value of Lazraq’s 51.7-percent stake in ADI has dropped by MAD45.64 million ($4.39 million) since the beginning of this month as investors reduced their stake in the Casablanca-based property developer.
ADI is an active member of the Alliances Group, a Casablanca-based holding company with a diverse portfolio of African real estate assets. The leading group has grown to become a key player in the North African real estate market.
Alami Lazraq, a Moroccan real estate mogul who founded Alliances Group in 1994, owns 51.7 percent of the group’s publicly traded subsidiary, ADI. At the time of writing, his stake was worth more than $57 million.
At the time of writing, ADI shares on the Casablanca bourse were trading at MAD52 ($4.99) per share, giving the company a market capitalization of MAD1.15 billion ($110.5 million).
Since the beginning of March, the company’s share price has dropped by more than seven percent, from MAD56 ($5.38) on March 1 to MAD52 ($4.99) on March 16, resulting in millions of dollars in losses for the company’s shareholders, including Alami Lazraq.
The market value of Lazraq’s stake in the company has decreased by MAD45.64 million ($4.39 million) as a result of the recent decline in ADI’s shares on the Casablanca bourse, from MAD639 million ($61.4 million) on March 1 to MAD593.35 million ($57.03 million) at the time of writing this report.
Despite the recent drop in the market value of his stake in ADI, Lazraq remains one of the Casablanca bourse’s richest investors, as well as one of Morocco’s wealthiest businessmen.
