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Moroccan pharmaceutical tycoon Lamia Tazi’s investment in Marocaine Ste de Therapeutique (Sothema) has lost more than $9 million in market value since the beginning of the year, as shares in the Casablanca-based pharmaceutical business have plummeted.
According to data, the Moroccan business executive, who is one of the region’s richest businesswomen, has seen the market value of her Sothema stake fall by MAD90.75 million ($9.18 million) since the beginning of the year as investors reduced stakes in the pharma firm as part of a strategic move to reduce stakes in risky assets.
Sothema is Morocco’s major healthcare corporation, generating roughly 60 million units of pharmaceuticals each year and running a diverse portfolio of 35 global laboratories that manufacture and export items to Europe, the Maghreb, Sub-Saharan Africa, and the Persian Gulf.
Tazi, Sothema’s CEO and Chairperson, and one of the most wealthy investors on the Casablanca Stock Exchange, owns a huge 8.4-percent interest in the premier healthcare company, which equates to 605,030 issued shares.
Sothema’s shares on the Casablanca Stock Exchange have fallen 11.36 percent since the beginning of the year, falling from MAD1,320 ($133.54) on Jan. 1 to a price of MAD1,170 ($118.37) at the time of writing, resulting in losses totaling millions of dollars for its shareholders, including Tazi.
The market value of Tazi’s stake in Sothema has decreased by MAD90.75 million ($9.18 million) since the beginning of the year, from MAD 798.64 million ($80.80 million) on Jan. 1 to MAD 707.89 million ($71.62 million) at the time of writing this report.
