Moroccan pharmaceutical tycoon Lamia Tazi has witnessed a notable downturn in the market value of her stake in Marocaine Ste de Therapeutique (Sothema), as shares in the Casablanca-based firm experienced a substantial dip in recent trading sessions.
According to data tracked by Billionaires.Africa, Tazi’s ownership in Sothema has seen a decline of MAD23.47 million ($2.32 million) over the past nine days, signaling a period of uncertainty for local investors as they reevaluate their positions in the leading pharmaceutical company.
Just weeks ago, between April 8 and 16, Tazi enjoyed a surge of $2.08 million in her stake in Sothema, with the company’s value climbing from MAD571.75 million ($56.18 million) to MAD592.93 million ($58.27 million).
Sothema market cap falls
Sothema, known as Morocco’s foremost healthcare entity, produces approximately 60 million units of pharmaceuticals annually, boasting a diverse portfolio of 35 multinational laboratories that export goods across Europe, the Maghreb, Sub-Saharan Africa, and the Persian Gulf.
The recent decline in Sothema shares, from MAD1,020 ($100.81) on April 22 to MAD980.2 ($96.9), has pushed the company’s market capitalization below $700 million, resulting in significant losses for shareholders, including Lamia Tazi.
Sothema CEO Tazi’s stake value drops
As the CEO and chairperson of Sothema, Tazi holds a substantial 8.4-percent stake in the company, equivalent to 589,658 issued shares. However, the 3.90 percent dip in Sothema shares has led to a stark decrease in the market value of Tazi’s stake, plummeting from MAD601.15 million ($59.44 million) on April 22 to MAD577.98 million ($57.12 million).
The recent financial setback experienced by Tazi underscores the broader challenges facing Sothema and highlights the unpredictable nature of the stock market, demonstrating its significant impact on even the most prominent business figures.
