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Egyptian multimillionaire and leading business executive Khaled Mahmoud has seen the market value of his stake in MM Group for Industry and International Trade S.A.E (MM Group) rise by EGP60.7 million ($3.9 million) in 34 days.
As of press time, Dec. 27, shares in MM Group were trading at EGP6.4 ($0.4074) per share, 1.54-percent higher than their opening price on Dec. 26, as bearish pressures dominated trading activities on the Egyptian Stock Exchange.
Mahmoud, who is the chairman and managing director of MM Group, an Egypt-based distributor and retailer of consumer electronics, holds a substantial 10.13-percent stake in the group valued at nearly $40 million.
MM Group operates the largest distribution network in Egypt through its diversified portfolio, which covers five divisions, including automotive, consumer electronics, seamless pipes, telecom, and tractors. Its customers include international brands such as Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier and Bosch.
The recent bump in the value of his stake can be linked to a resurgence in investor buying interest after wary investors offloaded stakes in the group in search of investment with impressive returns.
Research conducted by Billionaires.Africa revealed that shares in MM Group have increased since Nov. 23 from a valuation of EGP5.77 ($0.3673) 34 days ago to EGP6.4 ($0.4074) as of the time of writing. This led to a 10.8-percent gain for shareholders.
As a result, the market value of Mahmoud’s stake has jumped from EGP565.1 million ($35.9 million) to EGP635.8 million ($39.8 million) between Nov. 23 and Dec. 27, which translates to a gain of EGP60.7 million ($3.9 million) for the multimillionaire in 34 days.
In recent times, Mahmoud and the group’s other directors agreed to contribute to increasing the capital of Basata Financial Holding, a non-banking financial services provider, with a total value of EGP 25 million.
The investment will increase MM Group’s stake in Basata to EGP95 million ($6 million) from EGP70 million ($4.5 million), according to a bourse filing made on Sun., Dec. 26.
In the first nine months of 2021, the group noted that its consolidated net profits rose to EGP334.57 million ($21.3 million) compared to EGP 299.78 million ($19.1 million) during the same period last year.
The surge in earnings was driven by an 8.1-percent jump in revenues to EGP7.1 billion ($451.8 million) from EGP6.55 billion ($416.8 million).
