Egypt’s richest man Nassef Sawiris’ net worth has declined by $160 million in 10 days. The drop is due to a single-digit slump in the market value of his shares in Adidas and OCI N.V.
The Bloomberg Billionaire Index revealed that Sawiris has recently seen his net worth fall below $7.1 billion. Earlier this month, it climbed to a record high of $7.25 billion on the back of gains in the shares of Adidas and OCI N.V. Still, between June 7 and 18, his net worth has fallen from $7.25 billion to $7.09 billion.
As of press time, 6:00 am (UTC+1), his net worth was valued at $7.09 billion, substantially lower than Forbes’ real-time estimation of $9.1 billion.
The $160-million drop could be linked to the slump in the share price of Adidas and OCI N.V as investors remain cautious over the financial performance of the companies in the first six months of the year.
Adidas’ shares fell from $353.92 (€297.00) per share on June 7 to $347.78 (€291.85) per share as of press time today, according to Google Finance.
Between June 7 and 18, the value of his 32.99-percent stake (69,374,747 shares) in OCI N.V. has also decreased, as investors reacted to the decline in the company’s share price. As a result, the tycoon recorded a net worth loss of about $160 million.
OCI N.V. is a global distributor of nitrogen and methanol products.
According to Bloomberg, Sawiris’ net worth makes him the richest man in Egypt, the fourth richest in Africa, and the 392nd richest in the world.
Sawiris’ most valuable asset is his shares in Adidas, the German multinational sportwear corporation.
Aside from his 32.99-percent stake in OCI N.V., the billionaire also owns 0.3 percent of LafargeHolcim. He obtained them after selling the cement division of Orascom Construction to the company for $12.8 billion.
