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Moroccan real estate magnate Alami Lazraq has seen the market value of his stake in Alliances Developpement Immobiliere (ADI) fall significantly due to a sustained decline in the company’s stock price on the Casablanca Stock Exchange.
According to data tracked by Billionaire.Africa, Lazraq’s stake in ADI has plunged by MAD577.38 million ($57.42 million) over the past 20 days. This decline follows a period of growth, with Lazraq’s holding in ADI rising by $18 million between March 11 and 26, from MAD2 billion ($199.14 million) to MAD2.19 billion dirhams ($217.02 million).
ADI’s market cap falls below $510 million
ADI is a key subsidiary of Alliances Group, a prominent Moroccan conglomerate founded by Lazrak 25 years ago. The group is a major player in the North African real estate market, with a diversified portfolio of assets.
ADI’s stock price has seen a recent downturn, falling 18.07 percent from MAD280 ($27.846) on April 15 to MAD229.4 ($22.814). This decline has pushed the company’s market capitalization below $510 million and inflicted significant losses on shareholders.
ADI shares slump, eroding Lazrak’s stake
Alami Lazraq, one of Morocco’s wealthiest individuals and a major investor on the Casablanca bourse holds a majority stake of 51.7 percent in Alliance Group’s publicly traded subsidiary, ADI, representing 11,410,669 shares.
As a result of the recent decline in the company’s shares, the market value of Lazraq’s stake in ADI has decreased by MAD577.38 million ($57.42 million), from MAD3.19 billion ($317.75 million) on Apr. 15 to MAD2.62 billion ($260.33 million) at the time of writing this report.
Despite this setback, Lazraq remains one of the wealthiest investors on the Casablanca bourse and continues to be recognized as a prominent Moroccan businessman.
