Home » Egyptian real estate tycoon Hisham Talaat Moustafa gains $107 million as TMG shares surge

Egyptian real estate tycoon Hisham Talaat Moustafa gains $107 million as TMG shares surge

by Omokolade Ajayi

Egyptian real estate mogul Hisham Talaat Moustafa has recorded an EGP1.7-billion ($107.1 million) boost in the market value of his stake in the Egyptian conglomerate, Talaat Moustafa Group (TMG).

TMG is one of the largest conglomerates in Egypt, founded by the late Talaat Moustafa in 1974. It is currently led by his son, Hisham Talaat Moustafa, who controls a 43.16-percent stake in the conglomerate for the family.

The $107-million gain in his stake can be attributed to sustained investor buying interest on the floor of the Egyptian Stock Exchange between June 1 and Nov. 6, as the stock price surged above EGP7.5 ($0.4772) per share.

Analysts believe the surge in the group’s share price over the 158 days was spurred by investors reacting to the conglomerate’s half-year report.

At the end of the first half-year period of its 2021 financial year, the group reported a 25-percent growth in profit from EGP685.4 million ($43.6 million) in 2020 to EGP856.6 million ($54.5 million), driven by strong growth in revenue.

Aside from the growth in earnings, shares in TMG have been on the rise since June as a result of a slew of disclosures that suggest the Egypt-based conglomerate is looking to expand its operations to Saudi Arabia and Iraq, as demand surges for housing units.

In July, the group launched an EGP31.82-billion ($2.03 billion) housing project built on 5,000 feddan (2,084 hectares) in Capital Gardens City, Egypt. It also signed a partnership in September with AZADEA Group to bring 13 new brands to the Open Air Mall at Madinaty City.

TMG’s share price since June 1 has risen from EGP5.74 ($0.3652) per share to EGP7.63 ($0.4855) per share on Nov. 6,. This translates to a 33-percent gain for shareholders in 158 days.

As a result, the market value of his stake has increased from EGP5.1 billion ($325.2 million) on June 1 to EGP6.8 billion ($432.3 million) as of the time of writing.

This translates to an EGP1.7-billion ($107.1 million) gain for the Egyptian multimillionaire in 158 days.

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