Moroccan real estate tycoon Alami Lazraq, founder of Alliances Group, has seen a significant increase in his stake in Alliances Developpement Immobiliere (ADI) thanks to the sustained upswing in the company’s share price on the Casablanca bourse.
Lazraq — a top figure in the North African real estate sector — has witnessed a noteworthy increase of MAD365.14 million ($36.58 million) in the market value of his ADI stake over the past 17 days, driven by the recent bullish pressure on the Casablanca bourse.
ADI shares soar by over 27 percent, pushing market cap above $320 million
ADI, a Casablanca-based holding company, is a subsidiary of the Alliances Group, a leading conglomerate established by Lazraq 25 years ago. The group has emerged as a significant player in the North African real estate market, showcasing a diverse portfolio of assets.
In recent times, ADI shares on the Casablanca hours have surged by 27.71 percent, climbing from MAD115.50 ($11.570) per share on Jan. 1 to MAD147.50 ($14.775), thus propelling its market capitalization above $320 million, and returning gains running to millions of dollars to its shareholders, including Lazraq, who ranks among the country’s wealthiest individuals.
Lazraq’s ADI investment soars, market value nears $170 million
Lazraq, one of Morocco’s wealthiest individuals and a prominent investor on the Casablanca bourse owns a substantial 51.7-percent stake in Alliances Group’s publicly traded subsidiary, ADI. This stake is equivalent to 11,410,669 shares.
According to the data tracked by Billionaires.Africa, the market value of his ADI stake has risen by MAD365.14 million ($36.58 million), climbing from MAD1.32 billion ($132.02 million) on Jan. 1 to MAD1.68 billion ($168.59 million) as of the report’s writing.
This surge not only strengthens his standing among the top investors on the Casablanca stock exchange but also re-confirms his status as one of Morocco’s wealthiest individuals.
