Moroccan Prime Minister Aziz Akhannouch — who ranks as one of Africa’s billionaire businessmen — has experienced a substantial decrease in the market value of his stake in Afriquia Gaz in recent times due to the plunge in the group’s shares on the Casablanca bourse.
According to data tracked by Billionaires.Africa, the market value of Akhannouch’s stake in Afriquia Gaz has slumped by MAD309.38 million ($30.55 million) since Oct. 22 — the recent plunge comes as investors reduced their stakes in Afriquia Gaz.
Afriquia Gaz shares take a hit, market cap tumbles below $1.5 billion
Afriquia Gaz SA — which is 30-percent owned by Akwa Group — is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It offers high-performance energy solutions for domestic and professional needs.
Over the past 30 days, Afriquia Gaz SA shares on the Casablanca bourse dipped 6.74 percent, falling from MAD4,450 ($439.358) on Oct. 22 to MAD 4,150 ($409.738). This has caused the group’s market cap to slump below $1.5 billion, thus accruing significant losses to shareholders, including Akhannouch.
PM Aziz Akhannouch’s stake in Afriquia Gaz SA slumps below $450 million
Akhannouch, appointed prime minister of Morocco in September 2021, derives part of his billion-dollar fortune from the Akwa Group. He indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene through the multibillion-dollar conglomerate Akwa Group.
His 30-percent stake in Afriquia Gaz, owned indirectly through his interest in Akwa Group, makes him one of Morocco’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange.
In recent times, the market value of Akhannouch’s stake in Afriquia Gaz has experienced a notable decline, falling from MAD4.59 billion ($453.08 million) on Oct. 22 to MAD4.28 billion ($422.54 million) — marking a total loss of MAD309.38 million ($30.55 million) for the businessman.
Despite the recent financial setbacks, Akhannouch remains one of the most affluent investors on the Casablanca bourse — his vast fortune also makes him one of Africa’s wealthiest individuals.