Egyptian billionaire Nassef Sawiris’ stake in the leading North African corporation Orascom Construction Plc (ORAS) has dropped in value by $10 million in 31 days, according to Reuters.
The company’s share price on the Egyptian Stock Exchange (EGX) lost six percent of its value since the start of May, decreasing from $5.42 (EGP85.00) per share on May 4 to $5.12 (EGP80.25) per share as of May 31.
ORAS is a leading engineering and construction services company, with a footprint in the Middle East, Africa and the United States.
The company is majority-owned by Sawiris and operates in the infrastructure, industrial and commercial sectors.
ORAS was established in 1950 by Onsi Sawiris, Sawiris’ father. Since then, it has grown into a market leader with a value of about $597 million (EGP9.37 billion) on the EGX.
ORAS split in 2015 into three separate entities: Orascom Telecom led by Naguib Sawiris, Orascom Hotels and Development chaired by Samih Sawiris and ORAS.
Sawiris has a 29-percent stake in the company with about 33,825,323 ordinary shares worth $173 million (EGP2.7 billion).
This is lower than their earlier market value of $183 million, or the value of his stake when the ORAS share price was $5.42 (EGP85.00). This translates to a loss of $10 million (EGP161 million) for Sawiris, whose net worth is valued at $7.16 billion.
Sawiris is Egypt’s wealthiest man. His most valuable asset is his six-percent stake in Adidas, the global sportswear giant headquartered in Germany. He also owns a stake in LafargeHolcim, a global leader in building materials and solutions.