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Royal Family of Morocco’s stake in Attijariwafa Bank gains $275 million in 56 days

The bank’s share price has risen by about six percent since April 1.

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Morocco's King Mohammed VI.

The stake of the Royal Family of Morocco in Attijariwafa Bank, the country’s largest banking and financial services group, has risen by $275 million (MAD2.435 billion) in 56 days.

The bank’s share price on the Casablanca Stock Exchange has increased by about six percent since April 1.

According to the data, the bank’s shares have increased from $48.69 (MAD430) per share on April 1 to $51.52 (MAD455) per share as of the opening of the exchange this morning.

Attijariwafa Bank, the fifth-largest bank in Africa, according to Stata, is majority-owned by the Al Mada private holding company. Almada owns 46.4 percent, or 97,433,137 units of the total issued and paid-up shares of the bank.

Al Mada is a large private company owned by members of the Alaouite royal family.

In addition to their 46.4-percent stake in the bank, Al Mada holds shares in other influential corporations such as Managem, Narva, LafargeHolcim and Marjane. 

With Al Mada holding a 46.4-percent equity stake in Attijariwafa Bank, the six-percent gains in the bank’s shares led to a bump in the royal family’s stake from $4.744 billion (MAD41.90 billion) on April 1 to $5.020 billion (MAD44.32 billion) as of the opening of the exchange this morning. In absolute terms, this translates to gains of about $275 million for the royal family in 56 days.

Attijariwafa Bank is Morocco’s largest bank. It has been making critical efforts to expand its operations outside the country. The bank has recently shown an interest in acquiring 49.97 percent of the British Virgin Islands-based financial services group Atlas Mara’s shares in Union Bank of Nigeria Plc, as well as its stakes in other African assets.

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Abu Dhabi-based Chimera acquires controlling stake in financial services provider linked to Egypt’s richest family

It is unclear how much of the 59.22 percent stake held by Orascom Financial Holding, a firm led by the billionaire Sawiris family, was acquired during the transaction.

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Egyptian billionaire Naguib Sawiris

Chimera Investment, an Abu Dhabi-based firm led by Pakistani businessman Syed Basar Shueb, has announced the purchase of a majority stake in Beltone Financial Holding SAE, a Cairo-based financial services firm partially owned by Egypt’s richest family, the Sawiris.

According to a press release issued by the Abu Dhabi-based firm, a total of 55.9 percent of Beltone’s shareholding was acquired at a price of EGP1.485 ($0.0779) per share, bringing the total transaction value to EGP370 million ($19.3 million).

It is unclear how much of the 59.22-percent stake held by Orascom Financial Holding, a firm led by the Egyptian billionaire Sawiris family, was acquired during the share-purchase transaction. However, it is clear that Chimera is now the majority shareholder in Beltone as a result of the recent deal.

Syed Basar Shueb, chairman of Chimera Investment, commented on the transaction, stating that it aligns with Chimera’s broader strategy of long-term value creation investments and expands the company’s presence in regional economies.

He went on to state that, in the coming months, the Abu Dhabi-based firm will look to unlock value and implement an all-encompassing transformation plan aimed at restoring Beltone’s growth and profitability.

In addition to the transaction, Dalia Khorshid, the chairwoman and CEO of MASAR Financial Advisory, a regional financial advisory firm, was appointed as the new CEO of Beltone, as the Egyptian firm enters a new phase of growth under new management.

“I am honored by the opportunity to lead Beltone’s strategic transformation plan,” Khorshid said in response to her recent appointment as CEO. “I am confident that we will restructure and grow this institution to become a major market leader in the region and a solid platform for attracting international investments into our host markets.”

Beltone, a financial services provider in Egypt and the Middle East and North Africa, was founded in 2006 to provide brokerage, investment banking, asset management, equity research, and a variety of non-banking financial services like leasing, consumer finance, and venture capital platforms.

In a $1.3-million deal nearly a year ago, Orascom Financial Holding, led by Egypt’s Sawiris family, reduced its stake in Beltone to 59.22 from 61.24 percent.

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Tycoon Anas Sefrioui loses $111 million from stake in Moroccan property developer

The market value of Sefrioui’s 64.1-percent stake has now dropped to $189.43.

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Real estate tycoon Anas Sefrioui.

Moroccan businessmen have seen their net worth plummet by millions of dollars in recent weeks, owing to a market-wide sell-off that has reduced the value of their shareholdings and investments in companies listed on the country’s stock exchange.

Anas Sefrioui, a Moroccan real estate tycoon who founded the country’s largest property developer, Douja Promotion Groupe Addoha (ADH), ranks among those businessmen in Morocco whose net worth has declined significantly in recent years. In the past six months, the market value of his shareholding in the property developer has dropped by more than $111 million.

ADH manages several real estate programs and investments in North Africa under the leadership of Sefrioui, who owns 64.1 percent of the company, or 258,066,665 shares.

On Monday, shares in the real estate firm were trading at MAD7.56 ($0.734) on the Casablanca bourse. This is 53 basis points lower than their opening price on the Casablanca bourse, as the market is rocked by a massive sell-off, with foreign portfolio investments dwindling as international investors exit.

ADH shares on the local bourse have dropped from MAD12 ($1.165) on Feb. 10, nearly six months ago, to MAD7.56 ($0.734) at the time of writing this report, resulting in a 37-percent loss for shareholders.

The market value of Sefrioui’s 64.1-percent stake has dropped from MAD3.1 billion ($300.7 million) on Feb. 10 to MAD1.95 billion ($189.43 million) at the time of writing this report.

This equates to a loss of MAD1.14 billion ($111.2 million) for the Moroccan businessman in the past six months. Despite a multimillion-dollar drop in the market value of his shareholding in ADH, Sefrioui remains one of the wealthiest investors on the Casablanca bourse.

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Egyptian mogul Hendi El-Sherbini acquires additional $3.2 million in IDH shares

Her stake in the company has now risen from 25.5 to 26.1 percent.

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Egyptian businesswoman Hendi El-Sherbini.

Egyptian businesswoman Hendi El-Sherbini has acquired a $3.2-million stake in Integrated Diagnostics Holdings (IDH) as part of her ongoing investment in the Egyptian healthcare services provider.

The 3.6 million shares were purchased on the London Stock Exchange on Wed., Aug. 3, at a price of $0.90 through El-Sherbini’s investment vehicle, Hena Holdings.

The 3.6 million shares are equivalent to a 0.6-percent stake in the healthcare services provider.

The transaction has increased her stake in the company from 25.5 to 26.1 percent at the time of writing this report.

Under the leadership of El-Sherbini, its CEO, IDH has grown into a major consumer healthcare group in the Middle East and Africa, with operations in Egypt, Jordan, Sudan, and Nigeria.

With 483 labs spread across four countries, the group is Egypt’s largest diagnostic service provider, offering more than 1,400 international-standard diagnostic tests.

El-Sherbini’s recent share purchase solidifies her position as IDH’s largest shareholder.

According to data obtained from the London Stock Exchange, the market value of her shareholding is presently $257 million, making her one of Egypt’s wealthiest investors.

The businesswoman received a EGP331.97-million ($17.9 million) dividend from her stake earlier this year after IDH reported its highest-ever net profit at the end of 2021.

The $17.9-million dividend was paid from the group’s profit of EGP1.49 billion ($80.2 million) at the end of its 2021 fiscal year.

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