Moroccan billionaire businessman Anas Sefrioui, the controlling shareholder of Casablanca-based property developer Douja Promotion Groupe Addoha (ADH), has seen the value of his stake fall significantly amid a recent dip in the company’s share price.
According to data tracked by Billionaires.Africa, Sefrioui’s stake in ADH has declined by MAD900.65 million ($89.8 million) over the past nine days. This decline coincides with a profit-taking spree by some wary investors on the Casablanca bourse.
ADH: A top player in Morocco’s real estate sector
ADH is a prominent player in Morocco’s real estate sector, boasting a diversified portfolio across the country. The company specializes in low-cost housing projects spread across key urban centers like Casablanca, Ain Aouda, El Jadida, and Tetouan.
Over the past nine days, the company’s shares have dropped by more than 10 percent, falling from MAD33.49 ($3.34) on April 29 to MAD30 ($2.99) at the time of writing. This decline has pushed the company’s market capitalization below $1.3 billion.
Market downturn impacts Sefrioui’s wealth
Anas Sefrioui, the visionary founder of the Casablanca-based real estate group and one of the wealthiest businessmen in the Middle East and North Africa region, holds a 64.1-percent stake in ADH, translating to 258,066,665 ordinary shares.
His son, Malik Sefrioui, has further solidified the family’s global footprint in the property market. Malik’s recent purchase of a luxurious waterfront residence on Hibiscus Island in Miami Beach for $15.375 million exemplifies the family’s vast wealth and taste for luxury.
As a result of the recent decline in ADH shares, the market value of Sefrioui’s stake in the company has fallen by MAD900.65 million ($89.8 million) in the past nine days, from MAD8.64 billion ($861.71 million) on April 29 to MAD7.74 billion ($771.91 million).
