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Moroccan multimillionaire businessman Adil Douiri has witnessed a significant decline in the market value of his stake in Mutandis SCA over the past 37 days, owing to the recent slump in the company’s shares on the Casablanca bourse.
The market value of Douiri’s stake in Mutandis SCA has decreased by MAD12.03 million ($1.19 million) since Oct. 19, as investors reduced their holdings in the Casablanca-based group.
This recent decline comes on the heels of a $2.9-million gain that he recorded between March 13 and Oct. 19, when the market value of his stake in Mutandis from MAD132.1 million ($12.81 million) to MAD162.70 million ($15.78 million).
Mutandis SCA shares drop, market cap slumps below $220 million
Mutandis is a packaged food manufacturer and a consumer goods industry leader in the country, with active investments in four business categories — detergents, seafood, drinks, and fruit juice sales.
In the past 37 days, Mutandis shares have experienced a slump of 7.28 percent, falling from MAD259 ($25.627) on Oct. 19 to MA240.15 ($23.762) at the time of writing this report, thus causing the group’s market capitalization to fall below $220 million.
Douiri’s stake in Mutandis SCA shrinks below $16 million
Douiri, a leading politician and businessman who founded Mutandis in 2008, owns a 6.9-percent stake in the Casablanca-based consumer goods firm. His stake translates to 638,024 ordinary shares in the packaged food manufacturer.
According to data gathered by Billionaires.Africa, the recent slump in the group’s share price has caused the market value of Douiri’s stake in the company to decline from MAD165.25 million ($16.35 million) on Oct. 19 to MAD153.22 million ($15.16 million).
This amounts to a total loss of MAD12.03 million ($1.19 million) for the multimillionaire businessman over the past 37 days.
