Morocco’s second-richest man Othman Benjelloun loses $59 million from BOA stake

Othman Benjelloun, a leading Moroccan billionaire businessman, who ranks as the country’s second-richest man, has recorded losses amounting to nearly $60 million in recent times from 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 fallen by MAD600.75 million ($59.14 million) over the past 40 days. The recent slump in market value is linked to recent bearish pressures on the Casablanca bourse.

BOA shares take a hit, causing financial losses for shareholders, including Othman Benjelloun

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.

Since Oct. 11, Bank of Africa shares on the Casablanca stock exchange have slumped 5.56 percent, dropping from MAD189 ($18.607) to MAD178.50 ($17.573) at the time of drafting this report.

The 5.56-percent dip in the leading lender’s shares on the Casablanca bourse over the past 40 days has resulted in substantial financial losses for shareholders, including Benjelloun, who ranks as Morocco’s second-richest individual.

Othman Benjelloun’s stake in BOA dips by nearly $60 million

According to recent stock market data, 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.

The market value of Benjelloun’s stake in the bank has declined by MAD 600.75 million ($59.14 million) in recent times—from MAD10.81 billion ($1.06 billion) on Oct. 11 to MAD10.21 billion ($1.00 billion).