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Moroccan businessman Hassane Amor’s net worth has declined dramatically since the start of March, owing to a recent drop in the shares of his company, Microdata, a Casablanca-based IT services provider.
According to data tracked by Billionaires.Africa, the Moroccan businessman’s stake in Microdata has lost $2.6 million in market value since the beginning of March, owing to recent selling pressures on the Casablanca bourse that have resulted in a pullback in the company’s shares.
Amor, who founded Microdata in 1991 as an IT services provider specializing in cloud computing, mobile computing, and infrastructure virtualization, has played a critical role in the growth and expansion of the Moroccan technology sector, particularly through the operation of Microdata.
As the CEO and founder of the Casablanca-based IT services provider, Amor owns a 56.17-percent stake in the company, or 943,656 ordinary shares, which accounts for the majority of his fortune.
Since March 1, Amor’s stake in Microdata has dropped from MAD517.12 million ($49.86 million) 18 days ago to MAD489.78 million ($47.22 million) at the time of writing this report. This translates to a total loss of MAD27.36 million ($2.64 million) for the Moroccan businessman.
The $2.64-million loss can be attributed to the performance of Microdata shares on the Casablanca bourse since the beginning of March. The company’s shares have dropped by more than 5 percent this month, from MAD548 ($52.84) to MAD519 ($50.04).
Its market capitalization has dropped below $85 million due to the recent share price slump.
Despite a recent drop in the market value of Amor’s stake in Microdata, the Moroccan businessman remains one of the richest investors on the local bourse and one of the country’s richest businessmen.
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