Othman Benjelloun, a prominent Moroccan billionaire businessman and the country’s second-wealthiest individual, has suffered substantial losses amounting to millions of dollars from his stake in the Bank of Africa (BOA).
Data gathered by Billionaires.Africa reveals a concerning trend in the market value of Benjelloun’s stake in BOA. Over the past 16 days, the market value of his stake in the group has declined by MAD414.81 million ($41 million). This recent downturn is linked with bearish pressures impacting the Casablanca bourse.
Bank of Africa’s shares decline by 3.64 percent
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.
Over the last 16 days, Bank of Africa shares on the Casablanca bourse have slumped by 3.64 percent, falling from MAD 199.25 ($19.701) on April 15 to MAD 192 ($18.9837), thus leading to losses amounting to millions of dollars for its shareholders, including the Benjelloun.
Othman Benjelloun’s BOA stake slumps by $41 million
Benjelloun, in his capacity as chairman of BOA, owns a substantial 27.41-percent ownership stake in the financial institution, amounting to 57,214,615 ordinary shares. This reaffirms his position as a major investor in the regional financial sector.
As a result of the slump in the group’s share price, the market value of the stake held by Benjelloun has slumped by MAD414.81 million ($41 million) in the past 16 days, falling from MAD 11.40 billion ($1.13 billion) on April 15 to MAD 10.99 billion ($1.1 million) at the time of writing.
Despite the financial setback, Benjelloun remains not only Morocco’s second-wealthiest individual after Prime Minister Aziz Akhannouch but also one of the most prosperous investors on the local stock exchange.
