Moroccan billionaire businessman Alami Lazraq, founder of the real estate and infrastructure group Alliances Dveloppement Immobilier ADI, has seen a steep decline in the value of his holdings as the companys shares continued to fall on the Casablanca Stock Exchange.
Lazraq controls a 51.7-percent stake in ADI, representing about 11.41 million shares. Over the past 18 days, the value of that stake has dropped by MAD702.90 million 75.73 million. Traders say interest in the Casablanca-listed company has weakened during the period, putting steady pressure on its share price.
Recent gains wiped out