Moroccan property magnate Alami Lazraq, founder and chairman of Alliances Dveloppement Immobilier ADI, has seen the market value of his stake in the real estate group approach 800 million after a sharp rally in the companys shares on the Casablanca Stock Exchange.
Alami Lazraqs ADI nears 800 million
Lazraq holds a controlling 51.7 percent stake in ADI, representing about 11.4 million shares. In less than two weeks, the value of his holding has risen from MAD5.6 billion 607.3 million on Oct. 15 to MAD6.9 billion 748.4 million, edging closer to the 800 million milestone.