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The equity stake of Egyptian businessman Hisham Talaat Moustafa in Talaat Moustafa Group Holding (TMG Holding) has increased by $50.43 million (EGP792.60 million) in 34 days.
TMG Holding is an Egypt-based holding engaged in real estate investment.
As of press time, 1:00 pm (UTC+1), the company’s shares were trading at $0.422 (EGP6.63), about one percent higher than its opening price for the year.
The market value of the group’s shares has been on the rise following reports that TMG Holding posted net profits of $28.48 million (EGP447.08 million) in Q1 2021, up from $23.91 million (EGP375.33 million) in Q1 2020.
The group also disclosed that it had launched a $31.82-billion housing project in East Cairo in partnership with the Egyptian government.
The Noor project upon completion will be the first green smart city in Egypt. The project is expected to feature 140,000 residential units, which can accommodate about 600,000 people, as well as commercial, administrative and governmental service areas.
On the back of these reports, the share price has increased from $0.365 (EGP5.74) to $0.42188 (EGP6.63) between June 1 and July 5, as investors and bargain hunters actively take positions in the company.
The recent surge in the group’s shares has led to an impressive gain of 16 percent for shareholders since June 1.
Moustafa is the chairman and managing director of TMG Holding. He holds a substantial stake of 43.2 percent in the real estate group.
The market value of his position in TMG Holding has increased from $325.28 million (EGP5.11 billion) on June 1 to $375.71 million (EGP5.90 billion) on July 5.
This translates to a gain of $50.43 million (EGP792.60 million) in 34 days for the multimillionaire real estate magnate.
