Key points:
- Prime Minister Akhannouch’s stake in Afriquia Gaz falls $15 million due to a recent drop in share price.
- The Moroccan gas company’s stock is down over 3.5%, pushing its market cap below $1.4 billion.
- Despite Akhannouch’s losses, Afriquia Gaz shares remain slightly positive year-to-date, offering modest returns for some investors.
Moroccan Prime Minister Aziz Akhannouch, who ranks as one of Africa’s billionaires, has seen his wealth dip as the market value of his stake in Afriquia Gaz falls below $430 million on the back of a recent share price decline.
According to data tracked by Billionaires.Africa, Akhannouch’s stake in Afriquia Gaz has declined by MAD154.69 million ($15.54 million) over the past 53 days to MAD4.28 million ($429.89 million) at the time of drafting this report.
Afriquia Gaz shares drop
Afriquia Gaz SA, 30 percent owned by Akwa Group, is a Moroccan refiner and marketer of liquefied petroleum gas, offering energy solutions for residential and commercial clients.
Afriquia Gaz shares have experienced a downturn, falling from MAD4,300 ($431.93) on April 1 to MAD4,150 ($416.86). This led to the company’s market capitalization dipping below $1.4 billion, resulting in losses for shareholders, including Akhannouch.
Akhannouch’s stake falls 3.5 percent
Akhannouch’s 30-percent stake, held indirectly through Akwa Group, solidifies him as one of Morocco’s wealthiest individuals and the top investor on the Casablanca Stock Exchange.
The market value of Akhannouch’s Afriquia Gaz stake has declined by MAD154.69 million ($15.54 million) over the past 53 days, dropping from MAD4.43 billion on April 1 ($445.43 million) to MAD4.28 billion ($429.89 million).
Despite the recent decline, Akhannouch remains a prominent investor on the Casablanca bourse and one of the nation’s wealthiest business figures.
Your Money and Your Life
Despite the recent dip in Akhannouch’s stake, Afriquia Gaz shares have delivered modest returns this year to investors.
On the Casablanca bourse, the stock is up 3.75 percent year-on-year. A $100,000 investment at the beginning of the year would now be worth $103,750, representing a gain of $3,750.