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Hassane Amor, a Moroccan tech tycoon, has experienced losses of $4 million from his equity stake in Microdata, an IT services provider in Casablanca.
Data tracked by Billionaires.Africa shows that Amor, one of the richest investors on the Casablanca bourse, has seen the market value of his stake in Microdata decrease by MAD40.1 million ($4.01 million) in the past three months.
Microdata specializes in providing IT integration, support, and consulting services, with a focus on cloud computing, mobile computing, and infrastructure virtualization, and offers tailored solutions to meet clients’ unique needs.
Amor founded Microdata in 1991 and has played a critical role in the growth and expansion of the Moroccan technology sector. His 56.17 percent stake in Microdata, which is worth nearly $50 million represents the majority of his fortune.
Due to bearish pressures on the Casablanca bourse, Microdata shares on the local exchange have decreased by 7.7 percent in the past three months, from a price of MAD552.5 ($55.22) on February 10 to MAD510 ($50.97) at the time of reporting.
As a result, Microdata’s market capitalization has declined from over $90 million to $85.6 million in just 83 days.
The recent slump in the company’s share price has led to the market value of Amor’s 56.17-percent stake in Microdata to fall by MAD40.1 million ($4.01 million), from MAD521.37 million ($52.1 million) on Feb. 10 to MAD481.26 million ($48.1 million) at the time of writing this report.
The recent slump in Microdata’s share price has resulted in a significant loss for Amor, but he remains one of Morocco’s wealthiest and most influential businessmen.
Microdata’s role in the growth and expansion of the Moroccan technology sector is undeniable, and it is expected to continue to play a pivotal role in the country’s IT services industry.
