Moroccan Prime Minister and leading businessman, Aziz Akhannouch has seen the market value of his stake in Afriquia Gaz slump by more than $12 million in just 10 days due to a sharp decline in the shares of the Casablanca-based group on the local bourse.
According to data tracked by Billionaires.Africa, Akhannouch has seen the market value of his stake in Afriquia Gaz slump by MAD123.75 million ($12.41 million) since Aug. 11 as investors on the Casablanca Stock Exchange continue to reduce their stakes in the group.
Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It also offers high-performance energy solutions for domestic and professional needs. The group is 30-percent owned by Akwa Group.
Akhannouch, appointed prime minister of Morocco in September 2021, derives the majority of his fortune from the Akwa Group, founded in 1932 by his father and a partner, Ahmed Wakrim.
He indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene through the multibillion-dollar conglomerate Akwa Group. He is one of Morocco’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange.
Since Aug. 11, Afriquia Gaz SA shares on the Casablanca Stock Exchange have slumped by 2.61 percent, declining from MAD4,600 ($460.52) to MAD 4480 ($448.51) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Akhannouch.
As a result of the decline in the group’s shares, the market value of Akhannouch’s stake in Afriquia Gaz has decreased from MAD4.74 billion ($475.84 million) on Aug. 11 to MAD4.62 billion ($463.43 million) at the time of writing.
In just ten days, this accrued a total loss of MAD123.75 million ($12.41 million) for the businessman. Despite the recent decline, the Moroccan prime minister and billionaire businessman retains his status not only as one of the most affluent investors on the Casablanca Stock Exchange but also as one of the richest business figures in the nation.
His current net worth, as reported by Forbes, stands at $1.6 billion, positioning him among Africa’s most affluent billionaires.
