Moroccan pharma tycoon and CEO of Sothema Lamia Tazi has witnessed a sharp decline in the market value of her stake in Marocaine Ste de Therapeutique (Sothema) since the start of the year, as shares in the Casablanca-based pharma company slump by over 20 percent.
According to data tracked by Billionaires.Africa, the Moroccan business executive, who ranks as one of the richest businesswomen in the region, has seen the market value of her stake in Sothema decline by MAD175.46 million ($17.25 million) since the start of the year as Moroccan investors continue to reduce their exposure to risky assets.
Sothema is Morocco’s leading healthcare company, producing approximately 60 million units of drugs per year and operating a diverse portfolio of 35 multinational laboratories that produce and export goods to Europe, the Maghreb, Sub-Saharan Africa, and the Persian Gulf.
Tazi, the CEO and chairperson of Sothema and one of the most affluent investors on the Casablanca Stock Exchange, holds a substantial 8.4-percent stake in the leading healthcare company, corresponding to 605,030 issued shares.
Since the start of the year, Sothema’s shares on the Casablanca Stock Exchange have slumped by 21.97 percent, declining from MAD1,320 ($129.774) on Jan. 1 to a price of MAD1030 ($101.269) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Tazi.
The downturn in Sothema’s stock prices has led to a MAD175.46 million ($17.25 million) decrease in the market value of Tazi’s stake in the firm since the beginning of 2023. Her shares, which were valued at MAD798.64 million ($78.52 million) on Jan. 1, now stand at MAD623.18 million ($61.27 million) at the time of this report.
Tazi’s financial losses, reflective of the broader challenges facing Sothema, underscore the turbulent nature of the stock market and its impact on even the most prominent investors.Â
The pharmaceutical giant’s management and shareholders will be closely monitoring market conditions as they seek to navigate these challenging times.
