Othman Benjelloun, a leading Moroccan billionaire businessman, who ranks as the country’s second-richest man, has witnessed a substantial increase in his stake in Bank of Africa, previously known as Banque Marocaine du Commerce Exterieur (BMCE).
According to data tracked by Billionaires.Africa, the market value of Benjelloun’s stake in Bank of Africa, has surged by MAD1.2 billion ($117.07 million) since June 7, as investors in the local bourse continue to increase their stakes in the multinational pan-African banking conglomerate.
Founded in 1959, Bank of Africa is a multinational pan-African banking conglomerate with operations in over 18 African countries, including a representative office in Paris, offering banking services to retail, professional, private, SMEs, and large enterprises.
Benjelloun owns a significant 27.41-percent stake in Bank of Africa. This stake translates to 57,214,615 ordinary shares in the leading financial services conglomerate.
Since June 7, Bank of Africa’s shares on the Casablanca stock exchange have increased by 12.73 percent. The shares, which were valued at MAD165 ($16.1) on June 7, have risen to MAD186 ($18.12) at the time of this report. This remarkable increase has translated into substantial gains for the bank’s shareholders, including Benjelloun.
The market value of Benjelloun’s stake in the bank has increased by MAD 1.2 billion ($117.07 million) in recent times, rising from MAD9.44 billion ($919.86 million) on June 7 to MAD10.64 billion ($1.04 billion) at the time of drafting this report.
This recent surge in the market value of his stake solidifies Benjelloun’s position as Morocco’s second-richest man, further cementing his status as one of Africa’s richest individuals.
