The Egyptian billionaire El-Sewedy family has recorded a EGP2-billion ($127.1 million) boost in their shareholdings in the past 32 days, as shares in Elsewedy Electric, an Egypt-based multinational electrical company, surged by double digits.
Elsewedy Electric is an Egyptian multinational electrical company founded by the Elsewedy family in 1938 as a joint-stock company. It manufactures and sells integrated energy products and services, including electrical cables, telecommunications products and transformers.
Since the company’s founding, it has grown into a regional and international provider of energy, digital and infrastructure solutions, with total assets amounting to $3.6 billion (EGP61.27 billion) spread across 15 countries under the leadership of CEO Ahmed El-Sewedy.
The recent gain in the family’s stake can be linked to sustained buying interest on the Egyptian Stock Exchange, as investors continue to take positions in the multinational electrical company in reaction to a 32.4-percent surge in the company’s net income in the first nine months of 2021.
As of midday, Dec. 14, shares in Elsewedy Electric were trading at EGP9.35 ($0.595), 11-basis points higher than their opening price on the local bourse yesterday morning.
Since Nov. 12, the company’s stock price has risen from EGP8 ($0.51) to EGP9.35 ($0.595) per share as of midday yesterday. This translates to a 16.9-percent gain for shareholders in the past 32 days.
As a result, the market value of the family’s stake in the electrical company grew from EGP11.83 billion ($753.06 million) on Nov. 12 to EGP13.83 billion ($880.13 million) on Dec. 14.
This led to gains of EGP2 billion ($127.1 million) for the billionaire family in 32 days.
About a week ago, the Egyptian multinational electrical company revealed plans to build a $40-million electrical tools factory in Tanzania, a strategic move that will see the leading electrical company deepen its operations in East Africa.
The multimillion-dollar factory, which will be constructed in Kigamboni, a district in Dar es Salaam, will have the capacity to produce 15,000 kilometers of wire, 1,500 transformers and 100,000 electric meters per year. The project will come at a cost of TSZ92 billion ($40 million).