The shareholding of Egyptian billionaire businessman Yasseen Mansour in the leading real estate company Palm Hills Development is now worth more than $18 million thanks to a surge in the company’s valuation over the past 25 days.
Palm Hills Development is a leading property developer with active investments and operations in Egypt. The company develops integrated residential and commercial real estate and resort projects.
A subsidiary of Mansour Group, one of Egypt’s largest conglomerates, Palm Hills Development is led by Mansour, who controls a beneficial 4.68-percent stake in the company.
As of press time, Jan. 8, shares in Palm Hills were worth EGP1.99 ($0.1267), giving the Egypt-based real estate company a EGP6.13-billion ($389.96 million) valuation.
At the current valuation, Mansour’s 4.68-percent stake in Palm Hills is valued at EGP282.95 million ($18.01 million), making him one of the wealthiest investors on the Egyptian Stock Exchange.
The current value of his stake was boosted by a 10-percent surge in the company’s share price over the past 25 days, as investors on the local bourse sustained buying interests in its shares.
The recent buying interest can be linked to the property developer‘s recent disclosure that it will invest EGP3.8 billion ($242 million) in 2022 to cement its position in the real estate industry and unlock its value as an ongoing concern.
The real estate company revealed that the projected investment for the coming financial year is 52-percent, or EGP1.3 billion ($82.7 million), higher than the EGP2.5 billion ($159 million) that it earlier projected for the current financial year.
Mansour said the decision to invest EGP3.8 billion ($242 million) in 2022 will place Palm Hills in a favorable position to tap into gains in the real estate industry following the COVID-19 pandemic.