Moroccan Mogul Othman Benjelloun Sees $42.7 Million Decline in Bank of Africa Investment

Othman Benjelloun, a prominent figure in Morocco’s commercial landscape and the country’s second-richest individual, has experienced a huge financial blow following recent decreases in his ownership of Bank of Africa, the region’s leading banking group.

According to statistics obtained from the Casablanca stock exchange, the market value of Benjelloun’s shareholding in Bank of Africa has decreased by MAD429.11 million ($42.73 million) in the last 22 days. This decline is linked to the recent downturn in Bank of Africa’s shares on the local exchange.

Established in 1959, the 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.

Benjelloun, the chairman of Bank of Africa, owns a huge 27.41 percent ownership stake in the organization, which equates to 57,214,615 ordinary shares, confirming his reputation as a major player in the local financial landscape.

Recent market data shows that Bank of Africa’s shares on the Casablanca bourse have fallen 3.41 percent, from MAD 205.5 ($20.48) on Feb. 13 to MAD 198 ($19.71). This reduction results in significant financial losses for shareholders, notably Benjelloun.

As a result of the recent drop in Bank of Africa’s share price, Benjelloun’s stake has lost MAD429.1 million ($42.73 million) in market value over the last 21 days, falling from MAD11.76 billion ($1.17 billion) on February 13 to MAD11.33 billion ($1.13 billion) at the time of reporting.

Despite the defeat, which reduced the market value of his stock by $42.73 million, Benjelloun remains Morocco’s second-richest man and one of Africa’s leading billionaires, with a net worth of $1.4 billion.



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