Morocco’s Tazi family sees $514 million stake decline as Sothema shares plunge ahead of AGM

One of Morocco’s most influential business dynasties, the Tazi family, has seen the market value of its controlling stake in pharmaceutical group Societe de Therapeutique Marocaine SA (Sothema) fall by more than $510 million, as a sharp sell-off in the stock on the Casablanca bourse wiped out significant shareholder wealth ahead of the company’s annual general meeting scheduled for June 15, 2026.

The decline highlights investors’ rush to sell off shares as Sothema pays MAD6.6 per share in dividend amid renewed pressure on the healthcare stock, which has lost a substantial portion of its market capitalization in recent weeks, eroding paper gains for one of Morocco’s most prominent investor families.

Family control and ownership structure

According to market data tracked by Shore Africa over recent trading sessions, the Tazi family’s combined stake of 46.55% in Sothema, equivalent to more than 3.35 million shares, has seen its market value drop by approximately MAD4.75 billion ($514.2 million) over 35 days.

The family’s holdings are distributed among second-generation heirs of company founder Omar Tazi, reflecting a tightly held but diversified control structure. The largest individual shareholder is Mohamed Tazi (17.59%), followed by Najia Tazi (9.81%), Lamia Tazi (8.19%), who also serves as chairperson and chief executive officer, Salma Tazi (6.94%), Badiaa Tazi (4%), and Ali Tazi (0.02%).

Despite the fragmentation across family members, the structure preserves consolidated control over strategic decisions at Sothema, limiting external influence and reinforcing a classic family-capitalism governance model.

Share collapse ahead of shareholder meeting

The selloff comes at a critical moment for the group, which has convened its Annual General Meeting on June 15, 2026, where shareholders will review the 2025 financial results, approve dividend distribution, renew board mandates, and vote on key governance resolutions.

Sothema’s board is also seeking approval for a cash dividend of MAD6.6 ($0.71) per share, which amounted to a total distribution of about MAD252.84 million ($27.34 million) based on shares outstanding. The proposal, which contrasts with the MAD28 ($3.02) per share payout for the 2024 financial year, comes alongside plans to renew statutory auditor mandates and appoint new directors, including an independent board member. 

Founded in 1976 and listed on the Casablanca bourse in 2005, Sothema has grown into one of Morocco’s leading pharmaceutical manufacturers, producing roughly 60 million units annually and partnering with more than 35 international laboratories, with exports spanning Europe, the Maghreb, Sub-Saharan Africa, and the Gulf region.

Stock rout wipes out billions in market value

In recent weeks, Sothema’s share price has plunged by about 78.32%, falling to approximately MAD369 ($39.89) from MAD1,700 ($183.77).

The sharp decline has slashed the company’s market capitalization to about MAD2.83 billion ($305.65 million), down from MAD12.96 billion ($1.4 billion), erasing billions in shareholder value.

For the Tazi family, this has translated into a drop in the market value of their holding from about MAD6.06 billion ($656.52 million) to roughly MAD1.32 billion ($142.32 million).

Despite the steep erosion in paper wealth, the Tazi family retains significant control over Sothema and continues to anchor one of Morocco’s most established listed pharmaceutical groups. The upcoming AGM is expected to be closely watched by investors for signals on governance stability, dividend policy, and the company’s response to recent market volatility.