Othman Benjelloun, a leading figure in Morocco’s business landscape and the nation’s second-richest individual, has suffered a significant financial setback amid recent declines in his stake in Bank of Africa, a leading banking group in the region.
According to data retrieved from the Casablanca bourse, the market value of Benjelloun’s stake in Bank of Africa has declined by MAD429.11 million ($42.73 million) over the past 22 days. This decline is attributed to the recent pullback in the shares of Bank of Africa on the local bourse.
Bank of Africa, established in 1959, operates as a multinational pan-African banking conglomerate, boasting a presence in more than 18 African nations along with a representative office in Paris. The institution provides an array of banking services catering to retail, professional, private, SMEs, and large enterprises.
Benjelloun, who serves as the chairman of Bank of Africa, holds a noteworthy 27.41-percent stake in the institution, equivalent to 57,214,615 ordinary shares, affirming his status as a significant investor within the local financial landscape.
Recent market data reveals a downturn in Bank of Africa’s shares on the Casablanca bourse, with a decline of 3.41 percent from MAD 205.5 ($20.48) on Feb. 13 to MAD 198 ($19.71). This decline translates to substantial financial losses for shareholders, including Benjelloun.
As a result of the recent downturn in Bank of Africa’s share price, Benjelloun’s stake has seen a reduction in market value by MAD429.1 million ($42.73 million) within a 21-day span, diminishing from MAD11.76 billion ($1.17 billion) on Feb. 13 to MAD 11.33 billion ($1.13 billion) at the time of reporting.
Despite the setback resulting in a $42.73-million decline in the market value of his stake, Benjelloun retains his position as Morocco’s second-richest individual and remains counted among Africa’s leading billionaires, boasting a net worth of $1.4 billion.
