Egyptian billionaire businessman Yasseen Mansour has seen the market value of his stake in Palm Hills Development (Palm Hills) drop by EGP40.33 million ($2.56 million) in the past 20 days.
Palm Hills is a leading property developer with active investments and operations in Egypt. The company develops integrated residential, commercial and resort projects under the leadership of Mansour, who owns a beneficial 4.68 percent stake in the company.
The decline in the market value of his stake over the past 20 days can be attributed to a recent sell-off in the company’s shares, as investors booked profits after the stock price soared by double digits to EGP1.99 ($0.126) per share at the start of the year.
Shares in the property developer were trading at EGP1.72 as of press time, 23 basis points lower than their opening price on the Egyptian Stock Exchange.
Since Jan. 5, shares in the company have fallen from a price of EGP1.99 ($0.1263) 20 days ago to EGP1.72 ($0.1095) at the time of writing this report, representing a 13.33-percentage loss for shareholders.
In reaction, Palm Hills’ market capitalization has fallen from EGP6.13 billion ($389.11 million) on Jan. 5 to EGP5.31 billion ($337.24 million) at the time of writing this report.
Between Jan. 5 and 25, the market value of Mansour’s stake in the real estate developer fell from EGP302.54 million ($19.22 million) to EGP262.21 million ($16.66 million), mirroring that of other shareholders.
This equates to a loss of EGP40.33 million ($2.56 million) for the billionaire in the past 20 days.
