Moroccan Prime Minister Aziz Akhannouch — renowned as one of Africa’s billionaire businessmen — has witnessed a notable decrease in the market value of his stake in Afriquia Gaz, amounting to more than $14 million in the past 19 days, attributed to the recent decline in the shares of the Casablanca-based group on the local bourse.
According to data tracked by Billionaires.Africa, the market value of Akhannouch’s stake in Afriquia Gaz has experienced a significant plunge of MAD150.56 million ($14.78 million) since Nov. 24 — the recent downturn comes as investors reduced their stakes in Afriquia Gaz.
Afriquia Gaz share declines, leading to losses for its shareholders
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.
Since Nov. 24, Afriquia Gaz SA shares on the Casablanca Stock Exchange have decreased by 3.44 percent, falling from MAD4,248 ($417.07) to MAD4,102 ($402.731) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Akhannouch.
PM Aziz Akhannouch’s stake in Afriquia Gaz slumps below $420 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.
His 30-percent stake in Afriquia Gaz, owned indirectly through, makes him one of Morocco’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange. Akhannouch maintains his status not only as one of the prominent investors on the Casablanca Stock Exchange but also as one of the richest business figures in the nation.
The recent slump in the group’s shares has caused the market value of Akhannouch’s stake to decline from MAD4.38 billion ($430.09 million) on Nov. 24 to MAD4.23 billion ($415.31 million) at the time of writing, accruing a total loss of MAD150.56 million ($14.78 million) over the past 19 days.