PH
Othman Benjelloun, a notable Moroccan billionaire businessman and the country’s second-wealthiest individual, has lost millions of dollars from his shareholding in the Bank of Africa (BOA).
Over the last 16 days, the market value of his stock in the business has fallen by MAD414.81 million ($41 million). The recent drop is connected to bearish pressures on the Casablanca bourse.
Established in 1959, Bank of Africa is a transnational pan-African banking corporation with operations in over 18 African countries and a representative office in Paris. The institution offers a wide range of financial services to retail, professional, private, small and medium-sized firms, and major corporations.
Over the last 16 days, Bank of Africa shares on the Casablanca bourse have fallen by 3.64 percent, from MAD 199.25 ($19.701) on April 15 to MAD 192 ($18.9837), resulting in losses of millions of euros for its owners, including the Benjelloun.
Benjelloun, as chairman of BOA, possesses a hefty 27.41 percent stake in the financial institution, which equates to 57,214,615 ordinary shares. This underlines his status as a significant investor in the regional financial sector.
As a result of the drop in the group’s share price, the market value of Benjelloun’s interest has dropped by MAD414.81 million ($41 million) in the last 16 days, from MAD 11.40 billion ($1.13 billion) on April 15 to MAD 10.99 billion ($1.1 million) as of this writing.
Despite the financial setback, Benjelloun remains not just Morocco’s second-richest person after Prime Minister Aziz Akhannouch, but also one of the most successful investors on the local stock exchange.
