Aziz Akhannouch’s Afriquia Gaz Stake Drops Under $430 Million

Moroccan Prime Minister Aziz Akhannouch, one of Africa’s billionaires, has seen his wealth decrease as the market value of his interest in Afriquia Gaz falls below $430 million as a result of a recent share price decline.

 

Akhannouch’s share in Afriquia Gaz has decreased by MAD154.69 million ($15.54 million) in the last 53 days, to MAD4.28 million ($429.89 million) as of the time of writing.

 

Afriquia Gaz SA, which is 30% owned by Akwa Group, is a Moroccan refiner and marketer of liquefied petroleum gas that provides energy solutions to both residential and commercial customers.

 

Afriquia Gaz shares fell from MAD4,300 ($431.93) on April 1 to MAD4,150 ($416.86). This caused the company’s market value to fall below $1.4 billion, resulting in losses for owners, including Akhannouch.

 

Akhannouch’s 30% ownership, owned indirectly through Akwa Group, establishes him as one of Morocco’s wealthiest persons and the most active investor on the Casablanca Stock Exchange.

 

The market value of Akhannouch’s Afriquia Gaz holding has dropped by MAD154.69 million ($15.54 million) in the last 53 days, from MAD4.43 billion on April 1 ($445.43 million) to MAD4.28 billion ($429.89 million).

 

Despite the recent fall, Akhannouch remains a significant investor on the Casablanca stock exchange and one of the country’s wealthiest business people.

 

Despite a recent drop in Akhannouch’s holdings, Afriquia Gaz shares have provided moderate profits to investors this year.

 

On the Casablanca stock exchange, the stock is up 3.75 percent year on year. A $100,000 investment made at the beginning of the year is now worth $103,750, signifying a $3,750 profit.

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