Hassane Amor, a Moroccan tech tycoon, has lost $4 million on his ownership stake in Microdata, a Casablanca-based IT services business.
According to data, Amor, one of the richest investors on the Casablanca stock exchange, has seen the market value of his Microdata investment fall by MAD40.1 million ($4.01 million) in the last three months.
Microdata specializes in IT integration, support, and consulting services, with a focus on cloud computing, mobile computing, and infrastructure virtualization, and delivers customized solutions to match the needs of each client.
Amor created Microdata in 1991 and has been instrumental in the creation and expansion of Morocco’s technology sector. The majority of his money is represented by his 56.17 percent interest in Microdata, which is worth about $50 million.
Microdata shares on the Casablanca market have fallen 7.7 percent in the last three months, from a price of MAD552.5 ($55.22) on February 10 to MAD510 ($50.97) at the time of reporting, due to bearish forces on the local exchange.
As a result, in just 83 days, Microdata’s market capitalization has dropped from more than $90 million to $85.6 million.
The recent drop in the company’s share price has reduced the market value of Amor’s 56.17 percent ownership in Microdata by MAD40.1 million ($4.01 million), from MAD521.37 million ($52.1 million) on Feb. 10 to MAD481.26 million ($48.1 million) at the time of writing.
Amor has suffered a big loss as a result of the recent drop in Microdata’s share price, yet he remains one of Morocco’s wealthiest and most important businessmen.
Microdata has played an obvious part in the growth and expansion of Morocco’s technology sector, and it is projected to continue to play a crucial role in the country’s IT services business.