Egyptian multimillionaire real estate tycoon Hisham Talaat Moustafa has gained $99.2 million (EGP1.56 billion) from his stake in Talaat Moustafa Group Holding (TMG Holding) in 59 days.
The multimillion-dollar gain came on the back of a rebound in the shares of TMG Holding, an Egypt-based real estate holding company founded by Moustafa in 1974. The tycoon has a controlling stake in the group.
The group is a leading conglomerate with a particular interest in developing integrated communities, real estate and hospitality projects across Egypt’s key cities.
Recently, it launched an EGP31.82-billion ($2.03 billion) housing project built over 5,000 feddan in Capital Gardens City, New Cairo.
The group reported a 13.8-percent growth in profit at the end of Q1 2021 from EGP381.79 million last year to EGP434.64 million. The double-digit profit growth came on the back of a 34.35-percent rise in the group’s gross profit from its real estate development.
Bullish sentiment spurred by investor’s buying interest in the group has seen shares rebound by 32 percent from a 13-month low of EGP5.44 ($0.3463) per share on June 2 to a price of EGP7.19 (EGP$0.4577) as of press time, 9:20 AM (UTC), July 31.
The recent gain in the shares in TMG Holding on the Egyptian Stock Exchange has accrued a total increase of 32.17 percent for the company’s shareholders.
Moustafa, who holds 43.2 percent of the real estate group, has seen his stake’s market value rise from EGP4.84 billion ($308.43 million) on June 2 to EGP6.40 billion ($407.64 million) on July 31.
This translates to a gain of $99.2 million (EGP1.56 billion) in 59 days.