Following some impressive gains this year, Moroccan businessman Anas Sefrioui is now grappling with a significant downturn in the market value of his stake in Casablanca-based property developer Douja Promotion Groupe Addoha (ADH).
According to data tracked by Billionaires.Africa, the market value of Sefrioui’s stake in ADH has decreased by MAD805.25 million ($78.52 million) over the past 18 days, as investors on the local bourse reduced their stakes in the Casablanca-based group.
This setback comes in the wake of a gain of $68 million between Aug. 5 and Sept. 13, when the market value of Sefrioui’s stake in ADH surged from MAD 2.64 billion ($270.03 million) to MAD 3.33 billion ($327.96 million).
ADH is the largest property developer in Morocco, with real estate programs and investments throughout the North African country. Sefrioui, one of Morocco’s wealthiest businessmen, owns a 64.1-percent stake in the Moroccan property developer.
The real estate group develops low-cost housing in Morocco. Its properties are located in towns and cities, including Casablanca, Ain Aouda, Al Jadida, Tetouan, Beni Mellal, Marrakech, Fes, Sale, Tanger, Tamesna, Meknes, Sale, Rabat, Kenitra, and Fgih Ben Saleh, among others.
Sefrioui, the founder of the Casablanca-based property developer, has seen a substantial boost in his wealth so far this year, further solidifying his position as one of the richest investors on the Casablanca bourse and also as one of the country’s richest businessmen.
However, since Sept. 25, ADH’s share price has declined by 18.07 percent, dropping from MAD 17.17 ($1.6841) on September 25 to MAD 14.15 ($1.3798) at the time of writing.
As a result of the double-digit slump in the company’s shares, the market value of Sefrioui’s stake in ADH has declined by MAD805.25 million ($78.52 million), from MAD4.46 billion ($434.64 million) on Sept. 25 to MAD3.65 billion ($356.12 million) at the time of writing.
